By Dania Mahmoud
Being an entrepreneur allows you a lot of leverage over how you spend your time. You get to bring your ideas and innovations to life, and because this process feels so organic, you might not feel the need to formalize it. Sitting down and writing a business plan feels like homework, something that’s out of the realm of being your own boss.
Is there a point to writing a plan for your business when you’ve already been operating several years? And if your startup is in its early stages, do you really need to be thinking about a formal plan when you’re busy putting the gears of your business in motion?
Yes and yes.
If you’re the brains of your operation, your business plan is the heart. It pumps focus, productivity, and accountability into your business. That means you, your employees, and your future successors are going to enjoy a solid framework around which your business can grow and thrive. Up to this point, your business might have operated just fine without a plan, but as all entrepreneurs know, any step towards further improvement is an opportunity that should be seized.
Still not motivated to open a new Word document? We can help you there! Contact us, and we'll talk about what you hope to achieve with your business plan, then produce a document that maximizes your energy and productivity.
Before you pick up the phone for an initial consultation, it’s a good to have an idea of what you’re looking for in a business plan. Here are 4 tips to keep in mind:
1. Focus on your ultimate business goal.
A business plan is comprehensive; it should detail your business structure, revenue requirements, marketing strategy, and competition in the industry. With all that information in one document, it can be easy to get lost.
Keep your plan focused by having a purpose in mind: your ultimate business goal. What impact do you want your product or service to make on your industry? Once you have a specific, concrete goal in mind, make sure everything in your business plan can be tied back to your ultimate purpose.
You can stay focused by writing your goal in one or two sentences on a post-it note. Stick the note on your laptop or notebook as you brainstorm your plan. Now you have a visible reminder of what you’re working towards!
Still stuck? Our consultant will narrow your focus by helping you understand your ultimate aim in your industry.
2. Understand your target audience.
Now that you know what you want your business plan to be about, you need to figure out who is going to read it. Knowing your target audience will help you keep your business plan focused, but it will also allow you to better connect with your audience and get the reaction you’re hoping for.
To figure out who your target audience is, refer back to your business goal. Who are you trying to share this goal with? Do you want to raise funds or recruit new talent? Or do you want to propose a new system within your own business?
Knowing whether your plan will be read in-house or by people outside your business is an important factor in the language you will use. If your business partners and staff make up your target audience, you’ll be able to use jargon that they are familiar with. An outside audience might not be as comfortable with phrases used around the workplace. Don’t alienate potential investors by using too many industry-specific words; try to keep your language inclusive.
3. Choose a template.
If organizing a plan seems like a difficult task so far, don’t worry; a free online template will take away some of the tediousness.
Templates keep your business plan clean and organized. They also give you an idea of the topics you should be addressing and the amount of information each topic requires. However, keep in mind that these are just suggestions; ultimately, your business plan is a very personal reflection of your goals, and you should customize as needed in order to effectively get your message across to your audience.
4. Plan for your plan.
Once your business plan is complete, print it out, admire it, show it to your friends. Then put it in a drawer and let it collect dust.
That’s what you might do if you were the average business owner, but as an entrepreneur who’s ahead of the game, you’re going to get as much usage out of your business plan as possible. You can “plan for your plan” by scheduling regular reviews to make sure you’re hitting the goals you established.
You should also be aware that your plan is not static; like your business, it’s always going to be evolving. Along with reviewing your progress, be sure to schedule time with our consultant so that you can update your business plan, making revisions and adding or erasing information as needed.
If you keep up with the process of reviewing and updating your business plan, it will become a tool that will help structure your business and ensure its longevity for generations after you.
Sources:
Entrepreneur
Forbes
Being an entrepreneur allows you a lot of leverage over how you spend your time. You get to bring your ideas and innovations to life, and because this process feels so organic, you might not feel the need to formalize it. Sitting down and writing a business plan feels like homework, something that’s out of the realm of being your own boss.
Is there a point to writing a plan for your business when you’ve already been operating several years? And if your startup is in its early stages, do you really need to be thinking about a formal plan when you’re busy putting the gears of your business in motion?
Yes and yes.
If you’re the brains of your operation, your business plan is the heart. It pumps focus, productivity, and accountability into your business. That means you, your employees, and your future successors are going to enjoy a solid framework around which your business can grow and thrive. Up to this point, your business might have operated just fine without a plan, but as all entrepreneurs know, any step towards further improvement is an opportunity that should be seized.
Still not motivated to open a new Word document? We can help you there! Contact us, and we'll talk about what you hope to achieve with your business plan, then produce a document that maximizes your energy and productivity.
Before you pick up the phone for an initial consultation, it’s a good to have an idea of what you’re looking for in a business plan. Here are 4 tips to keep in mind:
1. Focus on your ultimate business goal.
A business plan is comprehensive; it should detail your business structure, revenue requirements, marketing strategy, and competition in the industry. With all that information in one document, it can be easy to get lost.
Keep your plan focused by having a purpose in mind: your ultimate business goal. What impact do you want your product or service to make on your industry? Once you have a specific, concrete goal in mind, make sure everything in your business plan can be tied back to your ultimate purpose.
You can stay focused by writing your goal in one or two sentences on a post-it note. Stick the note on your laptop or notebook as you brainstorm your plan. Now you have a visible reminder of what you’re working towards!
Still stuck? Our consultant will narrow your focus by helping you understand your ultimate aim in your industry.
2. Understand your target audience.
Now that you know what you want your business plan to be about, you need to figure out who is going to read it. Knowing your target audience will help you keep your business plan focused, but it will also allow you to better connect with your audience and get the reaction you’re hoping for.
To figure out who your target audience is, refer back to your business goal. Who are you trying to share this goal with? Do you want to raise funds or recruit new talent? Or do you want to propose a new system within your own business?
Knowing whether your plan will be read in-house or by people outside your business is an important factor in the language you will use. If your business partners and staff make up your target audience, you’ll be able to use jargon that they are familiar with. An outside audience might not be as comfortable with phrases used around the workplace. Don’t alienate potential investors by using too many industry-specific words; try to keep your language inclusive.
3. Choose a template.
If organizing a plan seems like a difficult task so far, don’t worry; a free online template will take away some of the tediousness.
Templates keep your business plan clean and organized. They also give you an idea of the topics you should be addressing and the amount of information each topic requires. However, keep in mind that these are just suggestions; ultimately, your business plan is a very personal reflection of your goals, and you should customize as needed in order to effectively get your message across to your audience.
4. Plan for your plan.
Once your business plan is complete, print it out, admire it, show it to your friends. Then put it in a drawer and let it collect dust.
That’s what you might do if you were the average business owner, but as an entrepreneur who’s ahead of the game, you’re going to get as much usage out of your business plan as possible. You can “plan for your plan” by scheduling regular reviews to make sure you’re hitting the goals you established.
You should also be aware that your plan is not static; like your business, it’s always going to be evolving. Along with reviewing your progress, be sure to schedule time with our consultant so that you can update your business plan, making revisions and adding or erasing information as needed.
If you keep up with the process of reviewing and updating your business plan, it will become a tool that will help structure your business and ensure its longevity for generations after you.
Sources:
Entrepreneur
Forbes