Your business plan represents your vision for the future. Effective implementation could mean the difference between an expensive hobby or a thriving business. The best business plans will always contain:
- A summary of what your business does and where you want it to go
- Measurable objectives and defined targets
- Conditions under which you will consider an exit plan, including sale and/or closure of the business
Commit to excellence
In order to have the best chance of success your business needs clear leadership from you and the rest of your management team.
Encourage teamwork
Your business plan will not work by itself and you can't run it alone.
Follow a financial plan
Your financial plan is the foundation for the rest of your business plan. It should be carefully tailored to meet your individual business needs.
Ensure accountability
Your business plan should include objectives, goals and action steps. Once a date has been assigned to a specific task or goal, it becomes a target. When targets have been met, let everyone know. When they are not, find out why and what's been done to address the problem.
Make course corrections
You may find that you need to set new goals and make course corrections. Keep track of the original plan and manage changes carefully. An outside consultant could give you a fresh perspective.
- Make the metrics clear: Set some key performance indicators in your business plan and use them as gauges of how well you are executing on your plan.
- Create a sense ownership: While your overall plan may spell out strategic goals, specific targets help employees understand how they fit within an organization.
