Do Your Business A Favour, Get a Business Plan Update
For existing business owners now is the time to review your existing business plan or to put one together if you don’t have one! It doesn’t take that long and should be viewed as being crucial to do once a year. Apart from the useful exercise of reviewing your business as it currently is today as objectively as possible, this exercise should also provide you (if you do it right!) with an “Action Point” list to get stuck into for the New Year!
Free Business Plan Templates
Business Plan templates can be found free on the internet. Make sure you get one that is relevant for your industry and that you can use and understand. If you don’t it won’t work!
The basic components of a Business Plan are:
- Overview of your business currently
- Background of your business
- Structure of your business
- Marketing Plan
- Objectives of your marketing
- Strategy for delivery of your marketing
- Business Environment
- Analysis of your market
- SWOT Analysis
- Operating Plan
- Products & Services
- Risk Management
- Financial Analysis
- P&L Budget
- Balance Sheet Budget
- Cashflow Forecast
- Future Business Goals
- Business & Personal Goals
- Action Plan
Seek Input From Others
You should seek input from both managers in your business and external advisors such as your accountant and marketing consultant. It is crucial you seek other peoples input to ensure you look at your business from all angles. Find out what you “don’t know” about your business. There may be things happening, or not happening, that you are unaware of. These issues may also be having effects on your business you are unaware of. For example; your accounts person may be annoying key customers where their unprofessional approach to collecting overdue invoices. This might be affecting the amount of business they are doing with you. You never know unless you ask. And don’t be afraid of the answers!
Review Your Business Plan Regularly
Avegna have found that most underperforming businesses do not regularly review their business plan or the action plan from their business plan. This is crucial for future success in any business otherwise why plan at all? Stop working IN your business and work ON your business.
As the saying goes: one definition of insanity is doing the same thing over and over again and expecting a different result. So if you want grow your business, if you want to sell more than previous years then you need to make a change. Start with a business plan.
We have several templates for business planning that we are happy to provide for free. Email us on email@example.com.
CEO of Avegna