Business Planning

I believe the majority of business owners have a plan and goals, for their business.  The problem is that very few of these plans, on average 1 in 20, are ever  committed to paper.  There is a large amount of research which shows that writing down plans and goals helps to crystallise them in our minds, with the result that they are more likely to be acted upon.  Plans which remain in our head are akin to dreams and wishes, whereas those which are written down are far more likely to be acted on and communicated to others.  Compare the position with a desire to lose weight – plans and goals which are written down are more often achieved!

So what should be in a written business plan.  It should be kept simple, and should contain elements that can be measured at certain intervals.  If goals are achieved at these points, celebrate them.  If not, revisit and reassess – does the plan need changing?

Start with your goals as a business owner, and think forward to what you want your business to help you achieve.  Then work back from this point and see what the business needs to  look like to help you reach those objectives.  You may need to include such things as SWOT analysis, marketing plan, people plan, pricing structure and cash flow/ profit forecasts, but don’t over-complicate if possible.  Then try and summarise the plan onto a single sheet of paper with aims, measures and deadlines, and share this with your team.  You might be surprised at the positive impact this has.

So what is stopping you putting pen to paper?