We highly encourage all business owners to take action and create a business plan. They say that a failure to plan is to plan for failure, and we can clearly see that our clients who make specific plans for their business do better than those who don’t.
Follow these 5 principles to make a good business plan for your business.
1. Start with the basics
Start your business plan with the fundamentals. Write down what your company does, your mission, and what separates you from your competition. This helps you remember why you are doing what you do, and also helps anyone who reads your plan understand the core concepts of your business.
2. Be realistic
When setting plans and goals, it’s important to aim for improvement and progression, but try to stay realistic. Although it might be nice to double your profits in one week, is it doable? The aim of a business plan is to set achievable goals that you can separate into manageable steps so that you always know exactly what to do next.
3. Include your team
Your team and employees are important pieces of this puzzle. Since they are carrying out day to day activities, they will have some impact on your business performance one way or the other. Therefore, it makes sense to include them in your business plan. Make sure to discuss your goals and ambitions with the team, and convey your expectations. Delegating responsibility is a great way to reduce your own stress as well as to motivate your team to share ideas and cultivate business growth.
4. Hold yourself accountable
Decide regular intervals where you check in and review how you are doing. Instead of a casual “I will keep track”, having monthly or quarterly catch up reviews can be highly beneficial. Here you will review every goal you have set, and decide if you might want to make any changes to your goals. Document your thoughts and decisions. If you’re on track, that’s excellent news. If you’re falling a bit behind, maybe you need to rethink your strategies.
5. Measure your performance
Some goals are easier to measure than others. When you create your goals, make sure you have a quantifiable way of knowing exactly how you are doing. Instead of saying “I want to increase my sales”, create a specific goal like “I want to increase my customer base with 10%”. The second goal is easily measured, and you can create subgoals that will help you along.
We are aware that taking time away from your day to day activities to focus on planning your business can be a challenge. However from experience we know that this is what separates the business that thrive from those that barely get by. Using our free business plan template is a great way to get started, but to really benefit from this process, it’s important to keep coming back to your plan throughout the year.