A good business plan is essential for every new business. Simply, having a plan to follow can help to alleviate some of the uncertainties of starting a business. You know what you need to do, when you need to do it and you’ll have an idea of how it will work.
The act of writing a business plan itself, can have some major benefits.
Firstly, it can help you to clarify what it is that you want to achieve or where your business is going.
Secondly, it can help you to explore various methods of getting there.
And thirdly, it can help you to consider any other opportunities that may be available for the growth and development of your business.
Therefore, business planning is an important activity for both new and existing businesses.
A great business requires you to think in more detail about all the different elements and possibilities within your business.
Every business can benefit from a business plan
Here’s 3 things you absolutely MUST HAVE in your business plan…
When you create a business plan you need to focus on the reasons for the business:
- Who do you want to work with?
- What products/services do you want to provide for them?
- Why do you want to provide them as part of your business?
- Where will you set up shop?
- How will you blend all these things together to create a prosperous business?
These are the primary reasons why you’re going into business and they should always be at the forefront of your mind when making any business decisions.
Another thing you’ll want to focus on is your big dream.
- What is your ultimate goal for your business?
- How do you want your business to look in the next 5 years?
Everyone’s big dream will be different, but you should write it down as part of the plan.
#2 A Plan
Think of your business plan as a hill you need to climb. Your mission statement is at the base of the hill, while your big dream is waiting for you at the top. Everything in between is what you need to plan, and these steps should be incorporated into your business plan.
Here’s a few questions to get you started…
- What products do you want to create?
- How can you increase the revenue of your business?
- Are there any opportunities that you can use to expand your reach and your followers?
- What can you add to your sales funnel for those not yet ready to buy from you?
#3 Action Steps
This is where your planning steps are broken down into smaller, actionable steps.
For example, instead of saying I want to write a book, break the process down further….
- How much time can you dedicate each day to writing?
- Do you want to self-publish or find a publisher?
- You’ll need to hire an editor and someone to design the cover.
These are all the actionable steps that can easily be crossed off your to do list once completed.
You don’t need to plan 5 years’ worth of action steps, all at once. The idea is to plan a year at a time, keeping your focus in mind, so that the action steps become a path leading you in the direction of your big dreams.
Business planning is an important activity for both new and existing businesses
Writing a business plan gives your business the best chance of success because it requires you to think about how your business will operate on different levels, giving you a framework to build upon as your business grows.
Register for this FREE masterclass recording, where I share the secrets to successful business planning.
Including how you can get better results for your efforts, how to create your personalised plan and how to implement strategies that will increase your income.
We'll also take a look at how you can use the planning process to improve your productivity.