Would you build a house without a plan?
Would you build a house without a plan 🤔 Starting (or running) a business without a plan is just as risky!
The thing is though, that even if you invest the time into creating a business plan, often it’s never looked back on, reviewed or benchmarked against.
So, why should you have a business plan? In short, it will give your business the best chance of success 🎉
A good business plan will provide a return on your time and money invested into it’s writing them.
Taking the time to go through process of writing the plan will ensure that you think of all aspects of your business, and don’t just get caught out focussing on the actual function of the business.
Because of course, that’s the easy part. Whatever we actually go into business to do, whether it’s a service, a product, a trade, it’s most likely because we are good at that particular thing, and enjoy doing it (hopefully!)
We (generally) don’t go into business because you are just good at everything else involved with running a business. Mission statements, budgets, financial forecasts, competitor analysis, pricing strategies, marketing plans, risk management and insurances are all just too much to comprehend, therefore we can tend to ignore it.
A good business plan will provide a strategic plan on how your business will grow and succeed. It will provide the framework for you to set your goals and put an action plan in place on how to achieve them 👌
I also understand the most common challenges around creating a business plan. If you are just starting the business there is the “ummm I haven’t got any idea how to write a business plan, and I don’t have the cashflow to be able to invest into getting help getting one done”, and if you are an existing business it’s likely to be “well I know it’s important, and I should have done it ages ago, but I really don’t have the time to invest into that as it means spending time out of the business and generating income”
My opinion on this however is that if you aren’t willing to invest time and/or money into creating your business plan, you might want to think again about how seriously you are about your business.
I’m going to back to the house analogy because it’s so relevant; a house needs a good plan and structure to become a stable house. Not even a magnificient or award-winning house, just a house that stands up and doesn’t crumble under the smallest amount of pressure. A business plan is exactly the same..
The following is a summary from business.gov.au of the most important elements of a good business plan:
Business Summary: A one-page overview written after your business plan is finalised.
About your business: This is typically called the management plan or operations plan. It covers details about your business including structure, registrations, location and premises, staff, and products/services.
About your market: This is the marketing plan. It should outline your marketing analysis of the industry you are entering, your customers and your competitors. This section should also cover your key marketing targets and your strategies for delivering on these targets.
About your future: This section covers your plans for the future and can include a vision statement, business goals and key business milestones.
About your finances: The financial plan includes how you'll finance your business, costing and financial projections.
The thing is though that a business plan needs to be 100% relevant to YOUR business, and not someone elses. A template is a great starting point, but what is even better is a plan that is created and modelled for you.
One of the most rewarding things I have found that I can do for businesses, is sit down with them and spend a few good hours creating a useful, valuable, measureable and trackable business plan. I love it so much because it’s the whole vision and passion behind the business blurted out into a document that is relevant and useful for the ongoing success and growth of the business.
If you need any help to create or review your business plan, contact me for a complimentary chat over coffee (or wine 😉) We can then see if we are a good fit to work together.
Book a complimentary 30 min chat here: https://calendly.com/brontyrell/30min