Businesses with a plan are twice as likely to grow or achieve funding if they have taken the time to write a business plan.
Many of the Business Owners we have coached over the years didn’t have a plan in place for their business. Either they didn’t see the value in having a plan – or hadn’t quite got around to it!
Why have a plan?
There are a number of very strong reasons:
- It’s been proven that those who write down their goals accomplish significantly more than those who don’t. The process of planning forces you to think about where you are now. Ultimately where you want the business to be and what it will look like. When you build a house your plans detail the final product, so is a business any different?
- It’ll give you a very clear direction – and a road map for the future.
- As Stephen Covey said – “The main thing is to keep the main thing the main thing.” The plan will keep you focused on your priorities and help to stop you from becoming distracted.
- Milestones will keep you on track. Having a business plan enables you to have all the dates and deadlines in one place. This is valuable for any size business and vital for teams.
- You’ll be better at delegating. The business plan is an ideal place to clarify who is responsible for what. The plan helps you to keep track. (every important task should have one person in charge).
As business coaches, we have enabled hundreds of business owners to grow their profits following one of our planning events. The event is great as it includes challenging the status quo. Helping the business owner to articulate where they want to take the business to and provides an action plan with timelines and responsibilities for the next year.
A key role as a business coach is to provide support and help to ensure that the plan is kept alive. Reviewed regularly and implemented effectively. Too many plans are put together (maybe to secure finance) and then left in a drawer.
Any plan should be simple, clear and concise and form part of daily business life. It is a living document to help review performance and detail what needs to happen next and can evolve as your business grows.
Working with a business coach to build plans for your business will give you clarity and every chance of making your business a success.
If you’d like to learn more about our planning events, or think you need help with putting a plan together with all the architecture and features you dream of in your business, please contact us here.