During the New Year period many people set goals and make resolutions. Some do it because their work places or clients require it and others do it out of personal initiative.
Three things are required for an effective personal or business plan: goal setting, information seeking and systematic planning and monitoring.
As an individual or entrepreneur, you cannot afford to rely on others for information you need for decision making.
Many times, when you rely on information from others it turns out to be vague or inaccurate. Recently I wanted information about two products which people in my village can supply.
When I talked to several village folks all of them told me that such and such product is abundantly available.
Later I asked for names of potential suppliers and their response was: “Oh, we shall get them.” Weeks later I have not got the name of a single potential supplier.
As an entrepreneur you need to personally seek information about customers, suppliers and competitors. You must ask questions.
There are no foolish questions, it is only fools that do not ask questions. Information seeking will cost you some comfort or money.
You may need to get on a bodaboda and reach difficult or distant places. You may have to spend money to buy more airtime to call prospects.
Do what it takes to get reliable, complete and up to date information.
If you are launching a new product or service, get information on the best way of providing it. How do people want it packaged and priced; where do they want to access it from and what is the best time and so forth.
A third aspect of information seeking is consultation with experts. These may be business and finance experts like myself or technical experts in fields related to your product or service.
James Abola is a business and finance consultant. Email: [email protected]