Building a Business Plan
Whether your business has grown or you have had to pivot significantly this year, one thing is certain: in order for you to stay focused and grow in a sustainable way, you need to build a business plan.
This seems like common sense, but it is a step that many small business owners overlook. It may seem like an unnecessary step, but this just isn’t true. It is actually one of the most important things you can do for your business!
Many times, entrepreneurs skip this step because they are just not sure how to write a business plan. It really isn’t that hard – I took a Saturday afternoon to sit down on the couch and sketch out my original plan. Your initial draft doesn’t have to look pretty. It just needs to get done.
Put An Action Plan Behind Your Goals
You have big goals, but do you have a clear path to reach those goals?
This is what a business plan offers you. It is a road map to help you stay focused as you grow – and to help you adjust as obstacles arise.
Your plan will lay out your vision for your business, from your overall vision to quarterly sales, hiring, and financial goals. You can then break each of these goals down further to decide on the steps that you and your team will take to reach (and even surpass) them!
When obstacles hit – and as this year has taught us, they will – an effective business plan can help you react proactively instead of reactively. This is essential!
You may need to adjust your goals and change some of the steps in your action plan. You may even need to look at shifting some of your services or marketing. With a business plan, successful shifts are feasible! Because you have already set the foundation in place, it is a lot easier to adjust various details to fit your needs.
Operate from a Place of Confidence, Not Chaos
Think about different businesses you come in contact with on a daily basis, whether in your daily life or online.
There are some that are on brand and focused. They know what they do and who they serve, and they are really good at it. You notice them immediately and file them away for when you need them.
You know you want to work with them, and you feel confident in that choice.
On the other hand, you have probably also taken note of businesses that seem chaotic. It is not clear who they serve or why, and their focus changes often. It can feel a bit like they are throwing things at a wall, waiting to see if anything sticks.
Chances are, these are not the businesses you choose to buy from.
There are a lot of factors that go into this, but having a business plan is often the foundational difference. When you have an effective plan of action, it is a lot easier to stay focused and on track. It is also much easier to pass your vision along to your team!
Keep Your Team Focused
Your team wants to see you succeed – after all, their success is tied to yours. Beyond that though, they genuinely want you to succeed! They have chosen to work with you and help your business grow.
Each of your team members brings something different to the table, and each of them has a different personality, different strengths and weaknesses. This is actually a good thing – your business needs different perspectives and skill sets in order to thrive.
However, if your team doesn’t understand your vision and goals, they do not have the tools they need to succeed.
Have you ever seen a group of people bound together, trying to move as one? This is an object lesson sometimes used by athletic coaches to build a sense of teamwork. At first, everyone tries to move in their own direction, and everyone else falls.
Eventually, the team figures out that moving together is the only way to move forward.
This is what your business plan equips your team to do – without the awkward “falling down” stage! It allows everyone to understand your vision and direction from the start so they can work together to move your business forward.
Kristen David, a former trial lawyer and partner who went from working 85 hours a week and taking home way too little money in her law firm, built it up to a million-dollar-plus business, then sold her shares and pivoted into a business coach guru. She is now an international speaker, bestselling author, and operates a successful business, empowering business owners to build thriving, profitable businesses that are self-managed with systems. She helps busy business owners build those systems by implementing policies and procedures the Fast Track Way.