Small Business Plans are not just an academic exercise or something you need to do to satisfy your bankers, your suppliers, or your investors. They are more than just a carefully crafted document that sits on a shelf in the manager’s office.
A business plan is a roadmap for your business. One that you have sweated over and poured your heart and soul into. The process of writing the business plan was probably long and difficult – if you did it properly that is…
The real value of your business plan is what you learned during the process.
When your brand-new shiny business plan has been bound and is sitting there on your desk, you should also be in a position where you:
- Can clearly and concisely describe what your business does and who it does it for
- Will know where your business sits in your market and how you compare to your competitors in terms of the business model you use and the strengths and weaknesses of your business and theirs
- Have a clear idea of where your business is now and where you expect it to be in three to five years
- Have a well-thought-out plan of action for at least the next twelve months, if not longer
- Have a marketing plan and an operational budget for at least the next twelve months, and
- Have recovery plans in place and ready to go should the worst happen to your business
- Have a set of key performance indicators that will let you know how you are going as you implement the plan
So are you in that position? If not, maybe it is time to revisit your business plan, or if you don’t have one, start working on one right now.