Business plans are easier than you think
As a business owner, how organised are you in planning your business? Do you have a business plan?
A written plan for your business is a very useful thing to have and if done properly, it should help you manage your business. If the very thought of writing it fills you with dread, don’t worry – business plans are not that difficult to put together.
In a nutshell, as a business owner, you need to be crystal-clear about:
· What you want to do;
· Why you think it’s a good idea;
· How you’re going to make it work;
· Who is going to do what to make it work; and
· How much cash flow your business needs to generate.
The questions above are not exhaustive as all businesses and their circumstances are different, but they should give you a good idea of what to include in your business planning.
Once you’ve written up a plan for your business, don’t treat it as cast in stone. Things change over time so make sure you keep revisiting your plan to check whether you’re still on track. If your business performance is not as expected, you can use your plan to help you find a reason for why you’re falling short and decide what actions you need to take.
The most important thing to remember is that your business plan needs to reflect your business rather than fit a particular template. Most of the time, there isn’t ‘one size fits all’.