8 Ways To Turn Your Business Plan From A Chore Into An Inspiration
1. Commit to having a business plan.
“He who fails to plan is planning to fail.” Winston Churchill. Over two-thirds of owner-managed companies with a turnover of £10 million and below do not have a plan at all. This could include your competition. Don’t delay, act now! Make some time to start your Business Plan and set a deadline for completion.
2. Make your template work for you.
In order for your Business Plan to motivate and inspire you it needs to be neatly presented with the ideas communicated clearly. The good news is that the hard work has already been done for you. Find a ready made template that you feel comfortable using so you can update your Business Plan in the coming months. Business Link provide a free template with notes. Also, check the high street bank website for templates, guidance and software.
3. Start with the end in mind!
Create a vision you wholeheartedly believe in and work backwards. Dare to write down how much you want to earn from your business this year? What about next year? How much will you have to sell this month and this week to achieve your dreams? Make a note of these numbers and you have already started to project your sales. Later, you can review your numbers and refine your strategies.
4. Making the headings work for you
Your template will give you an idea of the main headings which will need to be covered in your Business Plan. The Executive Summary must be completed last but there are no hard and fast rules for the other sections.
Don’t try to produce the whole plan in one go! Try to deal with each heading when it is relevant to your business, for example if you are updating or designing your website, look at the websites for your competition and you will gain valuable information to complete the ‘Competitors’ section of your Business Plan.
5. Turn a stumbling block into an excuse to unlock your inner creativity
Some headings will automatically inspire you, for example you may feel passionately about your product or service. If you have a mental block, try mindstorming: the 20 ideas method as outlined by Brian Tracy in his book ‘Thinking Big’. Write your problem down and think of 20 ideas to solve it. Pick out the best points on your list for your Business Plan.
6. Marketing and market research
A fantastic resource for marketing is the free 5 day email course: Plan your online marketing which can be downloaded at www.getuptospeed.biz Depending on your business, the on-line strategies suggested in Jon Reed’s book ‘Get up to speed with Online Marketing’ can be used with off-line methods, but make sure that you have at least six to ten methods for communicating with buyers. Share your ideas with friends, colleagues and potential customers to give you valuable perspective.
7. Costs projections
I would recommend starting from zero! Set up a spreadsheet detailing every action that is required in order to achieve your business goals. Each action should have a start date and a deadline. Add a column of costs for each item, and you now have a list of costs and dates to put into your Business Plan, and you will easily be able to fill in the gaps with estimates of cost of sales, telephone, rent, salaries and stationery.
8. The key to success is action!
Your Business Plan describes your business, the objectives, strategies, market and your financial forecasts. It has many functions from including measuring your success. Use it, refer to it, amend it, but above all continually review it and take action to achieve the ambitions that are embodied within it.
Are you struggling to finish your Business Plan? Was this article helpful? Let me know your thoughts on today’s post on our Facebook page! I would love to hear from you.
