How to improve business planning
What is a business plan and why is it so important?
A business plan is a document that provides entrepreneurs with the ability to track set goals and objectives to see if their business is heading in the correct direction. Writing a business plan doesn’t have to be this huge document, instead it can be a tool or map to track the specific milestones that you want to reach. Within a business plan, it highlights how you are going to achieve those goals and objectives, who is responsible and the overall entailed costs. Business plans are so essential, that there is a 30% faster business growth rate with those who create and use one than those who don’t, so it’s important to incorporate one. We’ve highlighted some of the main steps to improve your business planning:
Break down your long term goals into smaller, short term goals
You may think that only setting a long term goal is the correct way forward, which for some businesses it may be. However, breaking it down and setting short term goals to reach that end milestone will actually have more of a successful impact, and the chances of achieving that long-term milestone increases vastly. Breaking down those long term goals also helps employees and everyone on the team to understand what specific next step needs to be achieved.
Create a clear timeline
When creating a business plan, there needs to be a timeline with dates/times for when you want that specific task or goal completed. A set timeline clearly organises and highlights what needs to be done, whilst enabling you to delegate tasks to team members which ensures that they’re completing their side of work. Creating one also stops you falling behind but gives you reassurance and clarity that not everything needs to be done right now, preventing you and others from feeling overwhelmed
Create a contingency plan
Every business can take unexpected turns which can throw you and your team off balance. However, creating a contingency plan that highlights any risks or ‘what if’s’ prepares you for when or if things go wrong. Finding the potential risks and creating solutions, prevents delays to your progress and the unexpected from happening, so it is definitely beneficial to incorporate this when writing your business plan.
Review your plan
When developing your business plan you have to remember it’s a living document, so it doesn’t have to be written and then never changed again. As your business progresses, it’s important to take into consideration that your plan will need to be altered to make sure that you’re still heading in the right direction. There isn’t a specific time measurement on reviewing or updating your plan, it all depends on the alterations within your business, however it should be reviewed yearly at a minimum.
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