People think business plans are only for new businesses – and yes, they are a brilliant way to encapsulate all you want to achieve in your fledgling business, BUT even if you’ve been in business for 5, 10, 15, 20 years or more – a really good well thought-out strategic business plan is going to make the world of difference.
Because things change!
The market changes, the economy changes, fads come and go and your competitors are always nipping at your heels… just waiting for you to lose enthusiasm, drop the ball or put the blinkers on and pretend that it’s okay to do business in the same old way!
A really good business plan is a living document that you refer to regularly and update annually. It must light your entrepreneurial fire – otherwise you’ve got the wrong plan.
What goes into a basic business plan checklist?
- MONEY: Start with the end in mind. How much revenue, how much profit, and how much do you want to pay yourself?
- PRODUCTS, SERVICES: Are they staying the same or do you need to change course, cull or reinvent?
- CUSTOMERS: Still the same target markets or do you need to drop some and entice others?
- TEAM: Who are your best players? Do you need more like them and less of the ones who are dragging the business down? What training do they need this year?
- MARKETING: When you know who your customers are you’ll find it much easier to design marketing strategies to attract and keep them. DON’T start your business plan with marketing – don’t even go there until you know what the money goals are and who your ideal customers would be.
- SALES: Set some projections to achieve your financial goals. Do you need training to get better at sales? The answer is usually yes!
- BUSINESS GROWTH: Premises, location, online, offline, new markets, new strategies or consolidation
- WORKFLOW, POLICIES, PROCEDURES: What would make your business run more smoothly?
- SPECIAL PROJECTS: The ones you’re itching to get to but never seem to find the time. Put it in the plan to get it done.
- YOU: Are you working in your ideal Core Genius role? If not, what needs to change?
- YOUR VISION: Why this, why now, why YOU!
Now you could sit and nut this out on your own – it may take you some time and your brain might go into overload and start arguing with you…
OR you could get it done in just one day at The Perfectly Simple Business Plan workshop
I’m here when you need me.