"I don't need a business plan."
Neither did Alice in Wonderland.
"Would you tell me, please, which way I ought to go from here?"
"That depends a good deal on where you want to get to," said the Cat.
"I don't much care where," said Alice.
"Then it doesn't matter which way you go," said the Cat.
As a consultant, I have people ask me "How can I increase my business?" The answer is often easier than they think. But before figuring out how, they must decide where they want to take their business. This is why everyone in business should have a business plan, not just the people seeking venture capital.
Your business plan will be the "road map" of your enterprise. It will show you how to get to where you want to go. To develop a good plan, you need to write down the answers to quite a few questions.
To get you thinking, let's jump twenty years into the future. Describe your life. Are you still working or are you retired? Are you worth a lot of money? If so, how is your wealth distributed? Stocks? Bonds? Equity in your business? Other businesses? Are you an independent consultant or do you have a company? How large is your practice/company? What is your annual revenue (in today's dollars)? How many hours per week do you work? Do you work on weekends? Do you travel? And most importantly, are you happy?
Tough questions? Maybe. But they need to be answered honestly and realistically. I know that life can hit you with some unwelcome surprises that might change the way you want things to be. It is because of these changes, however, that you should re-evaluate your plan every two years -- about as often as you replace a pair of daily-wear shoes.
After defining your long range goals, break them down into ten year and five year goals. Make sure they are consistent with your twenty year plan. The next step is to determine what you need to do to achieve your goals.
Here are some short-term questions you should think about: Do you want more customers or steady customers? What is your competition doing? Will advertising help increase your profit? If so, what kind of advertising and what media should be used? Think of your own questions.
Your specific marketing strategies will depend on your individual goals (once you have an idea of where you want to take your business). Put your answers down on paper! Organize your thoughts, questions, and concerns. If you have financial data, use it. You don't have to take your plan to the bank, but by recording your income and expenditure you will have a benchmark to use when you review your goals and accomplishments. Business plans often follow a general format. You can modify this one to suit your exact needs.
Review your plan for consistency. Is it coherent? Is it realistic? This is your guide to your business. It will help you get what you want. Keep it updated. Change it as your goals change or as the market changes. Remember, a little planning will take you a long way.
Raj Khera is a partner in morebusiness.com, a comprehensive resource for small businesses. Find tips, articles, ideas, templates, worksheets, morebusiness.com, tools, financial benchmarks, morebusiness.com, and much more to help grow your business.
Copyright 2005 Raj Khera. All rights reserved.
affordable house cleaning Wilmette ..Last week we talked about a few of the ways... Read More
Although North Americans were the dominant population on the Internet,... Read More
As a business owner, you've likely created a hurricane plan... Read More
Entrepreneurs often give little if any consideration to their computer... Read More
After 128 years of business, a household word, Montgomery Wards,... Read More
This will make some people angry as hell, but it's... Read More
GETTING STARTED WITH SUCCESSION PLANNING: PART IA survey of 4,300... Read More
The first task before hiring a contractor for home remodeling... Read More
1. Attempt Succession Planning Without Other Strategic Plans. Succession plans... Read More
Every business experiences slower periods. For some, they sell more... Read More
I love the excitement of starting up a new home... Read More
Writing a business plan can be tricky when all the... Read More
Business planning is widely acknowledged as one of the keys... Read More
Microsoft Great Plains does wonderful ERP job for horizontal markets... Read More
Many very successful business owners may never have had a... Read More
You might be thinking to yourself, "Why should I waste... Read More
Running a business, whether it be an offline multi-billion dollar... Read More
So you've decided to write your own business plan because... Read More
"Rubbish!" shouted the large, aggressive man in the red-striped shirt... Read More
All investors greatly desire and are motivated by a clear... Read More
Is there a 'magical' way to exponentially grow your business?It's... Read More
The foundation of any business transaction is the promise of... Read More
Why cut costs now? Efforts are multiplying to cut costs... Read More
If you are looking for a partner, funding, angle investor... Read More
If you are a manufacturer wanting to use your business... Read More
quick home cleaning Northbrook ..Imagine an office without a desk, or lights, a computer,... Read More
Microsoft Great Plains fits horizontal markets clientele and in case... Read More
Writing a business plan is not an easy endeavor, nor... Read More
Businesses tend to avoid doing their annual business plan thinking... Read More
The format of a Business Plan is something that has... Read More
No "meme" isn't a typo and Got Milk, the more... Read More
The Accountability/Alignment Process: Three Steps to an Accountable Organization Generating... Read More
Anyone who has been watching the Idaho Market Carefully for... Read More
No matter what product or service you provide you will... Read More
One of the most powerful driving forces in human nature... Read More
Please take a moment before you read any further and... Read More
Let us look at a few of the big distribution... Read More
Franchised companies often require what some believe to be excessive... Read More
These may sound like no brainers, but you'd be surprised.... Read More
"Rubbish!" shouted the large, aggressive man in the red-striped shirt... Read More
The goal of almost every business owner is to generate... Read More
Q: A key investor in my business has suggested that... Read More
1. Largest Selection -One way that you can make your... Read More
Writing a business plan can be tricky when all the... Read More
When developing the competition section of your business plan, companies... Read More
Richard L. Daft one of the country's recognized academic leadership... Read More
How often does your company make a quantum leap forward?... Read More
Would you like to jumpstart your online or offline business... Read More
If ever there were an industry where we want zero... Read More
When in doubt, cut that out! Yeah, yea, doubting Thomas... Read More
Strategic Planning |