What is your business plan doing for you?
If the response is ‘I can’t remember where I filed it’, ‘I don’t need finance right now so don’t need it’ or anything along those lines then I will ask you to think again. Businesses of any size are not utilising the data they already have on file to the full extent that it was intended and basically you are wasting time by coming up with ideas and strategies which are already there for you to use.
As a business mentor, I use business plans to quickly understand a business as it should incorporate your vision and goals and how to achieve them. The document should be maintained and updated as goals change – what started out as a great idea to start with, your learning curve has shown it is something slightly different you need to focus on. To be successful, you need clear goals, and a business plan is something that can help you with setting these.
Secondly, a business plan helps you set objectives for staff; the main reason for hiring staff in the first place is to help you reach the goals you set so their objectives need to be linked to the plan. Most business owners do not like writing objectives and setting targets because of the time it takes so do not reinvent the wheel – use your business plan – it is all in there.
So, go and dust off that business plan and see what is still relevant for you and insert any new insights you have picked up. Use the time to cover every aspect of your business as it will save you time in the long run. It will also ensure you stay on course so a worthy investment. A business mentor can help you focus on the key areas and formulate the goals and strategies to go with them.
Your business plan is the foundation to build your future.