3 steps to building a Business Plan

Writing a business plan that totally aligns to your desires for the business and not just using it as a box ticking exercise can enable you to get started on your business more successfully and sustainably.


I’m not going to dwell too much on the content of a business plan in this story. There’s plenty of information just a Google search away, and almost as many opinions on the do’s and don’ts as there are businesses out there!


Instead, I’m going to share my top tips on creating a business plan and making it work for you.


There’s an assumption that you have to be specially trained, or a finance expert to create a business plan. Trust me when I say that this is a complete myth. A business plan is simply the story of what a business is about, and how it will make money.


So here are 3 top tips to help you on your way.


1. Keep it short - While there’s a certain amount of detail needed, there’s really no need to write the full Lord of the Rings saga. The longer it is, the more maintenance it will take and the less likely you are to use it to manage your business effectively.


Bullet points are a great way of including important information while keeping it easy to handle.


2. Avoid the fill in and forget trap - Following on from number 1, a business plan is a powerful tool when kept up-to-date. Don’t give in to the temptation that once it’s complete, you never look at it again!


Think of your business plan as a photograph. A snapshot of your business, as it looks now. This might not be how it looks tomorrow, and that’s ok, it’s all about your development and ongoing journey.


Have a clear sense of direction and vision, but don’t get too hung up on predicting every small detail of the future. Update your plan as you get new information and refer back to it to check how things are going.




3. Ask a friend - Personally, I find this is one of the most powerful things you can do with a business plan. Sometimes we are so close to something that we only see what we want to, and can easily miss something obvious.


Getting a fresh pair of eyes to look over your plan can save an awful lot of time and money for this reason!


The key underlying message here is that your Business Plan needs to work for you. It’s not just a box-ticking exercise. It needs to help you on your journey, to keep you on track, and to help you understand where you can do things better or differently. It also allows you to determine when you should stop doing things because they do not align to your overall aims for the business.


Have you got a business plan in place already? If you haven't I'd highly recommend getting started on pulling one together as it'll set the direction for the overall vision for your business.


Want or need some help in pulling it together? Drop us a line and we can let you know how we can help you with creating a solid business plan for your business.


 

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