Fundamentals of Lean Planning: How to Plan Less and Grow Faster?
How to Plan Less and Grow Faster?
Traditional marketing plans are detailed, time-consuming, and often outdated when executed. That’s why many startups and businesses opt for no plans rather than the traditional ones. However, rather than dropping out on the entire planning, you should switch to lean planning for your business.
Here is everything you need to know about lean planning.
What is Lean Planning?
Lean planning is all about creating small goals, executing them, and tracking them consistently, followed by reviews. The lean method focuses on minimal wastage of resources and time and getting faster results.
Lean planning is a four-step process that includes:
- Creating a lean plan
- Testing the plan
Whether you are running a startup or an established business, lean planning can help you in both cases. Here’s how you can implement lean planning in your business.
Step 1: Develop a Lean Plan
The first step is to develop a lean plan for your business which should not take more than 30 minutes. You can use a pre-existing template from the internet or lean business tools to make the task easier. A basic lean plan should include four things: strategy, tactics, business model, business credit information reports, and schedule. Add or remove any steps that don’t pertain to your business.
Step 2: Test the Plan
Once you have developed your lean plan, you need to focus on its timely execution. If you are a startup, your focus should be reducing the risks in your strategies, as you don’t have a lot of previous data to gain insights from. There should be a balance of risk and achievement in your business at this point.
If you are an established business, you can take more risks and try new directions without worrying about significant losses. During the execution phase, you also need to develop business credit management monitoring systems in your business.
Step 3: Review The Results
For a successful business, you need to review your performance. Maintain KPIs and targets for each business strategy and analyze whether you met them. If you missed the targets, look for the reasons behind those misses. Appreciate yourself and your peers for the milestones you achieve.
Step 4: Revise The Plans
After you have the results and have made interpretations, the final step is to use those interpretations and build your lean plan for the upcoming year. Make changes where you failed last time by analyzing CreditQ Business Credit Information Report to get better results the next time.
What is CreditQ?
CreditQ is India’s Leading business credit and information management portal for entrepreneurs.
It makes it easier for suppliers and buyers to start a business transaction and gain recognition. It also provides a platform for SMEs, entrepreneurs, and GSTN holders to report their corporate lenders. They can also perform CIR to determine the credibility of a new customer before starting a business with him. CREDITQ is a female entrepreneur registered with DPIIT as a startup. It is available on the web and in the application (Android and iOS).