Do You Have a Business Plan?
If you fail to plan, you plan to fail. It's as true today as it always has been. Having a business plan is one of the fundamental keys to success. But what is it? And why do you need it?
A business plan is a document that the business owner will prepare to spell out what the business is all about - what it does and how it does it. There is no "one" set format for a good business plan, and there are a wide variety of templates available to help the business owner to fill in the blanks, but you will need to make sure that the plan captures the essence of your business, and the vision you have for its continued success.
The most important part of having a business plan is that it is a "living document". It must be referred to whenever key decisions are to be made, it is used to set short, mid, and long term goals, and the results of those goals are then recorded. The business plan itself should be updated, revised, refined and clarified during its entire life.
A few key elements of a good business plan will be 1) the mission statement for the business, 2) its products or services, 3) the business structure and key personnel, 4) the target market, including the geographical area that the business services, 5) a forecast of the financial activity for at least 12 months, 6) the operational strategy, and 7) the marketing plan. These are just a few of the most important elements that your plan needs, and each one requires careful consideration when it is being written, to make sure that the information recorded is accurate and plausible.
But - don't make the mistake of spending so much time on your business plan that you don't actually get any work done. Procrastinators are great at planning, because it's more comfortable to write a plan than it is to get out there and do it. Motivated people are great at getting out there and doing it, but feel they are too busy to sit down and write a business plan. Find a balance - set aside a weekly appointment with yourself to write, review, and work on your business plan, then stick to it.
The process of considering each of the topics in your plan will help you to see potential areas of concern, and when you address them, the business becomes a bit stronger because of it. Keeping your plan as a "living document" will ensure that you stay on track. Your business will become an example of consistency and focus, and your continuing success will be the reward for your effective planning strategies.
At Evertrue Business Solutions, we help new and prospective entrepreneurs (who don't really have a head for business) to turn their ideas into successful businesses. We can help you to develop your business plan. Our experience will guide the structure and various aspects of the business plan while we fill it with your content, your ideas, your vision and goals.
Your ideas and energy + Our experience and dedication = Your small business dreams will come true.
