29 Jun 3 Reasons Why Planning is Overrated
I’m a planner. I had two retirement accounts that I regularly contributed to by the time I was 20. I sometimes plan meals months in advance with freezer cooking. I can map out vacation plans like no other. But when it comes to business strategies, I restrain myself.
It’s not that planning is bad for business. It’s just that it’s been taken too far. I see communication specialists putting together pages of research that took months to compile to decide whether or not to utilize AdWords. Even more disturbing, I’ve seen IT documents run into the hundreds of pages for a single project.
Three reasons not to plan:
- Actions provide results to improve upon. I know a guy who is brilliant. Yet, he wants his plan to be perfect before he acts. If he would just launch his product after half the planning, he could learn a lot more in a day from the feedback of users than he could in a month from research. Who would have thought craigslist would have been such a hit with the simplistic layout and sketchy ads?
- Your instincts tell you to act. If you have a gut feeling that your business would generate a lot of business through Groupon, do a bit of research, then try it out. Don’t blow the bank on a feeling. Some ideas might only require an investment of a little time to build a prototype or a mock-up that can be tested in the wild.
- Your competitors are acting. If the other reasons didn’t move you to action, this one should. While you are planning, your competitors are making money, generating leads, or increasing brand awareness. They are getting feedback, learning and already improving their tactics. If you’re still planning, they are widening the gap.
When I feel 80% good about a strategy, I give it a shot so I can learn how to improve or pull the plug. You’ll never be 100% sure and trying to get that last 20% will cost you valuable time and money.
Have you ever planned too much and paid for it?