A business plan is a critical asset to your small business. I know, planning can sound hard. It can seem like a struggle and who has time anyhow? A business plan can give your organisation vision and clarity. While having passion is important in a new business, ensuring that your idea will manifest requires a plan. A business plan helps you figure out what you want your company to be and what you want to accomplish. The Business Plans Made Easy online course, presented by Liz Parker of VA Placements gives you an easy to follow blueprint for your business. The tweets below are extracts from the course. Below you’ll also find eight ways that a business plan change your small business. 1. Make your WHY crystal clear. A mission and vision is essential to a company. A clear vision (what you’re going to do) and mission statement (why you’re going to do it) for your company makes clear the reason why your business exists. I find that I have revisited my vision and mission many times in the last 20 years. While my values and what really matters has stayed the same, the business vision and mission have adapted as times have change and my goals for the business have evolved and changed.
“Your vision board is about what you want to achieve. It becomes the overall strategic direction for your business.”@vaplacements #abnplans — SuziDafnis (@SuziDafnis)
2. A business plan is a blueprint for where you want your business to go. When you have a path that your business will follow you also create a way to get there. I create a plan every year and do a mini review every six months to see if what I set out to achieve is still in line with what I want and what the business is capable of. By having a plan in place I am able to measure progress against something tangible.
“It’s important for your business to have a plan based on your creative instincts.” @vaplacements #abnplans — SuziDafnis (@SuziDafnis)
3. Tick tock to a schedule. A business plan can work almost as a timetable. When we set the goals, we put them against a timeline of when they are to achieved, then for some of the bigger goals, we set sub-goals that are, again, put to a schedule. This keeps us on track with our vision.
“It’s important for your business to have a plan based on your creative instincts.” @vaplacements #abnplans — SuziDafnis (@SuziDafnis)
4. A way to get everyone on the same page. Your employees need to understand the path of the company and a business plan is the best way to do that. A business plan will give everyone the same goal for the company and will keep you all headed in the same direction.
Can you achieve the same taste and presentation without a recipe? It’s the same with #businessplans #abnplans @vaplacements — SuziDafnis (@SuziDafnis)
5. To secure funding. Investors need to see a business plan before deciding if they want to invest in your business. A business plan will help investors see the real value of your small business. The same applies to potential buyers of your business. 6. It gives your company a strategy. A business plan includes the strategic direction of your company. Without a strategy we can take up a lot of time on tactics that don’t all align with a greater vision and direction. Remember your plan is not set in stone. You can CHANGE your strategy, but setting one now gives you a solid direction and makes daily decisions easier to make! 7. It can uncover potential mistakes and problems. A business plan (with a good financial plan) brings any weaknesses in your business idea out into the open. Want a million dollar turnover but have a plan that looks like it’ll only generate half of that? Better to know early on and to re-strategise. 8. It gives you an exit plan. While right now you may not want to sell your business, and perhaps you never will, a business plan can help you create an exit to your business should you wish to sell it, bring on investors or a partner. The online course Business Plans Made Easy includes step-by-step directions for how to create an easy-to-follow business plan. A business plan is an important aspect to your company and creating one will help you in the long run. Learn more about the Business Plans Made Easy Course, here.
