Getting Started with Business Planning

Business planning is a fundamental step in creating a successful business.

No matter what type of business you have you can benefit from a well-thought-out, practical, and functional business plan.

Every business needs a business plan!

When you’re starting a business there’s so many things that require your attention.

Sometimes it feels like for every task you complete, there’s 3 more you need to add and you wonder if you’ll ever be ready to launch.

As a result, it can begin to feel like you’re continually going round in circles and not getting anywhere.

During the initial setting up phase it can be hard to find the time to even think about business planning, never mind actually doing it!

I get it. You don’t want to add another task to your ever-growing list, but trust me… 

…Business planning is something you need to make time for!

What are the Benefits of Business Planning?

Business Planning can make a huge difference to your business success because it: 

• Creates clarity, focus and direction.
• Helps you to prioritise your workload, track your progress and achieve your goals faster
• Keeps you motivated and on target
• Increases your productivity
• Helps you manage budgeting and your cash flow

Here’s 3 essential steps to getting started with business planning:

Step 1 – Focus

Firstly, when you’re creating a business plan you need to focus on the reasons for the business: Who do you want to work with? What do you want to provide? When do you want to start? Where do you want to sell your products/services? Why do you want to start this particular business? How will you combine all these elements together to create a prosperous business?

These are the primary reasons why you’re going into business and therefore, they should always be at the forefront of your mind when making decisions.

Something else to think about is your business vision. Consider where you want to be in 5 years? How much money do you want to earn? Do you want to sell multiple products or have several locations? Write it down as part of your plan.

Step 2 – A Plan

Think of your business plan as a journey. Where you are now is the starting point while your business vision is the destination. Everything in between is what you need to plan and these steps should also be incorporated into your business plan.

For example – What products or services do you want to create? What preparation will this entail? Will you need any licences/permits? What costs will be involved? How do you want to attract customers? What do you want to be known for? What milestones will you pass along the way?

Step 3 – Action Steps

This is where your business planning steps are broken down into smaller, actionable steps. Instead of just 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 actionable steps that can easily be crossed off your to do list once completed.

Most importantly, don’t be put off by this step. You don’t need to plan 5 years’ worth of action steps at one time. The idea is to plan a year at a time, keeping your focus in mind, so that the action steps become a pathway or a blueprint to your business vision.

For the best results review your progress at regular intervals.

Schedule planning time into your calendar and see how quickly you can develop a strategy that gets you results.