A business plan. Who even uses a business plan?
The most successful companies in the World have a defined purpose, identifiable brand and clear operating processes. They also tend to have well-planned finances.
Of course, this doesn’t happen by accident. Those companies have a clear plan for their success.
So successful corporations use a business plan.
Fair enough.
If it’s good enough for Apple, Tesla, Coca-Cola and IBM, maybe it’s time to consider having one for your business…
Ok, so my business could benefit from having one. What should the business plan include?
What you want your business to achieve, by when, and how.
That’s not a lot. I thought they had to be really long and detailed.
Not at all. The plan is for you and the other decision makers in the business.
If you would work better on a short plan, then keep it short.
If you work better with detail, notes and references then your written plan will be more detailed.
What research could I do?
For every business financial planning would be appropriate. This would include breakeven analysis, cashflow projection, finance and price planning.
For most businesses SWOT analysis would likely be appropriate. SWOT stands for strengths, weaknesses, opportunities and threats that relate to your business.
Depending on your industry, PEST analysis may be appropriate. This would cover political, economic, social and technological changes that may impact on your trade or your industry.
Is there an easy way to structure the business plan?
The Wygwag Way breaks every business into key areas of: purpose, operations and the five strategy pillars – brand, customer, product, staff and finance.
If your business has a clarity on the who, what, when, where, why and how for each area… that would be your business plan.
Makes sense. Is there anything else to consider?
To remind, the business plan is what you want your business to achieve, by when, and how.
You will be setting yourself clear targets with specific dates to review progress, so be sure to stick to those review dates.
Preparing a business plan will likely improve your business, by clarifying areas of focus.
However if you have an active and live business plan – one that is reviewed regularly, and updated when required – this will improve your business over a much longer period.
Wow. That’s a lot to take in. I want a business plan and I would like regular reviews. Is there any more support available.
Speak with Wygwag.
Having clarity about your business and someone to speak with will improve your chances of success.