Entrepreneurial Roadmap: Do You Need a Business Plan?
Just mentioning the words ‘business plan’ may bring out the sceptic in people. Some may think there is no need for it because “I have it all in my head” or “I know exactly what needs to be done”.
Perhaps this may work for a business veteran. Maybe.
But for a new business owner, it is a dangerous point of view.
Having a business plan in place helps to lay out all your steps to achieve your goals.
This Is Your Business Plan
Don’t get caught up with anxiety in trying to develop a super all-encompassing business plan - this is for your own use so anything goes as long as you’re comfortable with it.
But remember, don’t just aim for the stars. Be practical and ensure your finances and resources can bear the commitment for whatever you are writing down.
Being Organised and Prepared
Having a business plan could set the foundations in place for the business towards growth and continuity. It helps to organise ideas and keeps track of development - an especially important aspect in today’s rapidly changing marketplace.
Not that having a business plan guarantees success, but having one definitely helps because your focus, as a business owner, will be divided among many areas of interest. With so many tasks and routines to be performed, one could easily be overwhelmed and forget why the business was started in the first place.
Besides, one of the most under-rated aspects of a business plan is that it helps to identify and prepare against potential pitfalls with contingency plans.
From Ideas to Words
Start off by listing down your purpose for starting the business. A good method is to figure out what you would like to achieve at the end of a specific timeframe. Once that’s out of the way, determine objectives that will help you achieve that purpose by breaking them down into vital areas for your business (i.e. sales performance, marketing effectiveness, customer base, etc.).
Finally, include actions that will help you achieve those objectives. Remember that every action should be geared towards achieving a goal.
From Words to Actions
Once you have determined the actions need to be performed to reach your eventual objective, input timelines against those actions. This allows you to check whether you are getting closer or further from what you are aiming for.
Unless you have an unlimited war chest and timeline, don’t forget that you are working with limited resources to achieve your stated objectives.
Changes Along the Way
Don’t be afraid of making changes to your business plan. Today’s dynamic environment forces changes in market situations. That being said, it doesn’t mean you should start scrambling for changes once the wind changes direction.
Whatever the case, plan as far as you can visualise and when you arrive there, new horizons will show up.
