Writing your business plan? Don’t forget your own professional development

This may seem obvious to more serious or seasoned people climbing the ladder of success, but one should strive to stay current and invest in professional development. Many of the business plans I review fall short in this area, and a lack of vision early in the planning process can eventually prove fatal to the company.

When a future entrepreneur shows me a plan that takes shortcuts in important ways, I worry. Go “naked in health care”; family members who work for free; there are no free time plans; late or unpaid wages; a statement that all marketing will be done through “word of mouth”; and no budget for professional development – one or more of these is a sure sign that there are problems ahead on the corporate railroad. You see, if a product or service to be offered is really viable, it stands to reason that the business is profitable enough to cover the necessary business expenses, which include creating an environment that is suitable for humans, compared to the machines. .

When approaching the topic of “professional development”, we could divide it into two subtopics: How is it “done”? and “What are the benefits that justify the cost of the investment?”

How exactly is professional development “done”?

Over the past few years, I have purchased an average of two to three books per month, which are related to a subject area that interests me, either at a bookstore or when a book club circular associated with this area of ​​interest is sent to my mailbox. The reason I haven’t specified my area of ​​interest is that it doesn’t really matter, relative to the general point, which is: you should buy books that address a topic of your own interest and read them. This practice (virtually made a “habit” due to the book club) costs me about $ 50 a month.

I also subscribe to about two dozen periodicals (newspapers and magazines). Some are industry specific, some are business magazines, and some are consumer magazines. Some are paid subscriptions and some are free subscriptions based on my ties to certain industries or subject areas (and some are included in the membership fees). My paid subscriptions cost around $ 300 per year.

It is also very important to attend conferences and workshops. If you go as a speaker, you can use the visibility of the conferencing platform as a means to network, build a reputation for having a certain type of experience, learn from others who have different points of view or specialties, and justify travel expenses. . If you go as an assistant, you can achieve many of the same goals, without the visibility of being in the official program. Conferences vary widely in price, but several hundred dollars for conference fees and $ 1,500 for food, lodging, and travel can be typical for a four-day national conference. Regional conferences are typically less expensive across the board as they are held in less expensive facilities, have smaller conference fees, and can be a short drive away. I plan to attend a one-day workshop in Atlanta within the next month or so. That will cost $ 149 for the shop fee and mileage expenses (about three hours by car). Annually, one should probably budget at least a few thousand dollars for these activities (eg four or five) and, of course, “the sky’s the limit.”

Networking parties are everywhere. These occur in a given community as social, cultural and commercial events. Organizations, such as a local chamber of commerce, often sponsor gatherings that allow people to mingle and meet over drinks and light meals. Many cities have bona fide networking clubs, which function to provide a free exchange of ideas, resources, and contacts. The entry fee for most of these events is low – $ 30 can be typical. How often should you attend? Oh, I’d say a hundred bucks a month would keep someone from accusing you of being a loner.

Professional memberships are important too. For any given discipline or area of ​​expertise, there are probably three or four similar associations or organizations that one should join. (Hint: Members often have discounts on conference fees, publications, and other benefits as an incentive to join.) Being an active member is also important. Try to contribute in some way, in addition to paying the membership dues. You can participate in conferences and support the organization’s sponsors (which keeps the organization viable), serve on committees or in leadership positions, be receptive to other members, provide pro bono or similar services. While membership fees and availability vary widely, $ 1000 per year would be a good place to start.

Some of the training is covered above in the context of workshops and lectures, but you may also want to consider taking a formalized course from time to time, or even enrolling in a degree or certificate program. On a smaller scale, you could buy software, take courses, and stay current on the Internet (e-learning is expected to be a major trend). If you are now convinced to implement the tips I mentioned above, but are still looking to cut costs, you can certainly spend time in the library and online, conducting research and staying current. I would recommend that you do not try to cut all costs, because that would mean that I am back to square one, regarding the purpose of this article. The problem is discipline and creating positive habits. (Remember, I said that the book club circular warrants my own regular behavior. Meeting announcements, membership and subscription renewals, and other regular reminders will help make sure you follow through with the action, if you are determined to do so in the first place, of course).

What are the benefits that justify the cost of the investment?

Now some people will say that they cannot afford to invest in books, lectures, workshops, and other tools that would aid in their efforts to keep up with or advance their careers. I would answer that it is a question of attitude and planning, at least to a great extent.

Can you afford to pay for your own professional development?

Well, that depends on you, your own attitude and the decisions you make about your career and your business activities.

Your own career development (and employee development, assuming you’re still working on your business plan) is a far better investment than anything else you can buy. Paying attention to your own professional development and addressing the means by which you will grow the people in your organization within the pages of your business plan will help you demonstrate that it is a forward-looking, adaptable, and worthwhile investment. , yourself (if you are looking for outside capital).

As for me, I estimate that the several thousand dollars annually that I continue to invest will ultimately be worth much more than what I have spent. I know what I will not have if I do not invest: Without current knowledge; no contacts; without contracts; without knowledge of the industry; and no ability to show that I have a clue as to what is going on, as a so-called professional, among my cohorts in academia or the business community.

In fact, it would be a very high price to pay.

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