Hi everyone!
Today I'm talking about business plans and
why you need one if you want a successful business.
I'll tell you about what a business plan is (and what it isn't)
and I'll also talk about the main uses of a business plan.
Be sure to stay tuned until the end because
I'll include a link to my Business Planning Checklist,
which is a great resource if you've never written a business plan and
don't know where to start.
Okay so you've got a business or you've
just about to start one and you don't have a plan.
Now everyone is telling you "you need a business plan", "you need a business plan" ...
But why? I mean really who needs a document that takes ages to create,
that you probably have to pay someone lots of money to write for you
and that will probably end up sitting on the shelf, gathering dust!
Right??!
So here's the deal...
You've probably heard the quote from Dwight Eisenhower, which is...
"The plan is nothing. Planning is everything."
Let me say that again...
"The plan is nothing. Planning is everything."
And what he meant by that is that the plan itself is not what's important...
it's the planning process that matters.
So the moment you sit down and write a business plan you're starting your planning process.
You start to think about the research you need to do about your business,
options you need to consider,
and decisions you need to make.
And writing it down forces you to articulate
all these thoughts and ideas into something tangible.
Writing it down and makes it real, and it forces you,
or let's say it motivates you,
to take action, which is the important thing here.
So if done well, your business plan can be
the Bible for your business.
You know, really it should summarise all aspects of your business as it is today.
For example, your business
structure, your products and services, your clients and prospects
(your target market), your sales and marketing strategy and plan,
your financials, your operations. The list goes on.
There's a lot of things that can be included in the business plan.
But even more important it can help you set an action plan
for the things you want to change and improve over the next (usually) 1-3 years.
So the business plan is your friend, believe me,
and it can make your life easier, if you let it.
And that means treating it like a living
breathing tool, i.e. tracking your actions each month or quarter, re-reading it every
quarter or half year, and then doing full review every year. So what are the other
reasons that you would need a business plan?
One that most people know is if you ever need to apply for a bank loan
or a grant, or find an investor, you'll need a documented business plan.
That's a no-brainer. Secondly, it helps you put everything in one place.
If you include the things that I mentioned before, you won't need to
scramble around to locate information that isn't appropriate necessarily to
put on your website and might be stored in folders on your computer. So
good examples are things like your sales targets, your sales and marketing
approach, your price list. And thirdly it keeps you focused and on track.
Let's say someone comes to you with an opportunity that sounds really grand.
A quick look at your business plan and your goals and objectives can just
set you on path. Is this opportunity one that I want to take or
is it really not in keeping with what I have planned for the business?
Nothing major is going to happen if you don't have a business plan.
In fact many businesses operate successfully for years without one. But
in my opinion, the benefits of having one far exceed the work involved in creating it.
In summary, writing a plan forces you to put your thoughts and ideas into
action. It can be a checklist to get you from where you are today, to where you
want to go in the future. Thanks for watching till the end.
You've earned a copy of my business planning checklist! So click on the link
above and it'll take you to the checklist right away. So that's the
vlog for today. If you found this video, and my checklist, useful I really want to
know. So please like and share with your networks. And I'd love to know...
Have you got a business plan and if you do is it working for you? Why or why not?
Write your answer in the comments below and I'll be sure to respond. So thanks
again for watching. Until next time, bye for now.
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