Business Plans Are Precisely Like Treating Patients Clinically

Recommend a treatment and then determine if works. Laryngopharyngeal reflux is seen as a controversial entity. Patients complain of hoarseness, throat clearing, globus symptoms,cough and a sore throat. Some have coexistent indication of gastroesophageal reflux disease (GERD), some don’t. Some have abnormal physical findings on laryngeal examination, some don’t. Most doctors treat such patients clinically with proton- pump inhibitors for a number of weeks to observe if things improve. We doctors call it treating someone on a clinical basis or treating clinically. Businesses think of it as a business plan.

When treating someone clinically, you are not sure process is fine and are generally willing to reconsider the identification and the underlying assumptions you made when you have made the diagnosis and recommended treatment. Likewise once you write a strategic business plan, you are never sure the plan will work and will be ready to create frequent adjustments…arriving at Plan B.

John Mullins, Professor of Entrepreneurship at the London Business School, and Randy Komisar, an opponent at Kleiner Perkins Caufield & Byers , explain all of this inside of their book, “Getting to Plan B”.

The essential thesis is usually that no battle plan. or strategic business plan, survives the primary shot and then you have to be able to make changes quickly. Just like you monitor patients for a reaction to treatment, you monitor your company to observe if circumstances are working. If they are not, then make changes.

Mullins and Komisar recommend using dashboards to check your business. The numbers will explain to you whether your leaps of faith, beliefs you own in regards to the answers in your questions despite having no real evidence that these beliefs are in reality true, are valid or otherwise not.

Additionally, like everyone else use history, physical exam and testing to monitor a patient’s progress, you may use metrics and dashboards to evaluate the vital signs of your organization. Those vital signs are your revenue model, your gross margin model, your operating model, your working capital model as well as your investment model.

You are able to count on the fingers of merely one hand the volume of businesses that have succeeded based on Plan A. Not one of them are mine. Be ready to monitor your business’s clinical progress, challenge your initial diagnosis, and, generally if the patient isn’t resolving treatment , reprogram your therapy before things go terribly south.

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