Dental CEO’s: Predict your Business Futureby Dr. Ron Arndt
You CAN predict your business future with a greater sense of certainty!
You now have a tool where you can craft a simplified business plan and then, unlike a typical critiquing session in which you have to determine what might go wrong, using the premortem exercise operates on the assumption that the “patient” has died, and so you get to ask what did go wrong.
Now you can generate plausible reasons for the failure of your business plan and increase your future success by as much as 30%. You’ll identify your risks at the onset.
CAUTION: This takes effort, time and work! Success IS connected with ACTION. Successful people keep moving. They make mistakes, yet they don’t quit. So, what action will you take to assure your success?
Here are the essential steps to completing your premortem:
- Write a simple business plan. Engage a coach or business planner to help you with this process. No, it does not need to be an MBA project.
- Share this plan with your team and your advisors (CPA, Coach, attorney, banker, etc.).
- “Mentalize” your plan. Close your eyes and visualize your plan happening. Think about and feel what success looks like.
- Close your eyes, be at peace and fast-forward three years. Regardless of all your hard work and efforts, your plan FAILED!
- Write down every reason you can think of for the failure of your plan.
- Share in a meeting with your team and/or your advisors and give them the opportunity to have them help you identify possible solutions (steps, processes or alternatives) that could be implemented in advance to prevent this failure. In other words, what would be a plan “B” or even “C”? Remember, “no one is as smart as all of us” ~ a Coach Ronism.
I am eager to hear from any of my readers who might be intrigued by this business plan/premortem concept.