When did you last look at your Business Plan?

Small Business

20 Nov

Many people have a business plan in the beginning and then they put it on the shelf and don’t think about it again.

But businesses change over the years, the local economy changes, disasters and pandemics happen. Business goals change over time as well so how do you make sure you are still moving forward in the direction you want to go?

A business plan is a formal written document containing business goals, methods to attain those goals and the timeline to achieve those goals.

“Many people have a business plan in the beginning and then they put it on the shelf and don’t think about it again.”

A business plan can help you:

prioritise,
provide direction,
define objectives,
and map out strategies

It contains all the information of the business you want to run and how you are going to get there, including an analysis of the market and how to reach that market, the risks, finance and legislative environment in which you will operate.

The planning process gives you control over your business. The planning process helps you learn about the forces and factors that may affect your success and these can be internal or external to your business.

A business plan can help you answer important questions like:

What is my product and how am I going to deliver it?
What can I do differently to my competitors?
What are the opportunities and threats in the market-place?
How am I going to finance my business?
How long will I need to operate before I can be profitable?
What are my strengths and weaknesses and what skills do I need to develop?

A business plan can be reviewed regularly to keep you on track and heading for your goals no matter how you measure success, whether it is financial, community impact or just profitably doing a job you love.

A Small Business Financial Counsellor (SBFC) can help you work through your business plan, develop budgets and cash flows, and help you understand your financial position so that you have the tools to move forward with your plan and create your vision of the future.