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Is Your Business Plan Setting You Up for Success?

How are you feeling about your business? Are you committed to making it work and really be a success or are you just getting by and your business feels more like a hobby. What is your business model or put, quite bluntly, how are you going to make money? What is your plan?

Do you have a business plan?

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Why is a business plan important? It is important because taking the time to make a plan causes you stop and think about key components of a successful business: your product, what you do and why you do it, your ideal customer, your competition, your industry, your projected revenue and expenses, et al. The process of constructing a business plan also gets you to formulate short term and long term goals and if you are doing it after being in business for a while, you can use data from what is happening now to project what you want in the future.

During the planning process, you are clarifying:

  • Your product offering
  • What you do and why (which ties in to your core values, purpose and a mission statement)
  • Who is your ideal client and why?
  • How are you going to reach them and how often?
  • Who is your competition and why?
  • What do you charge and how does that relate to the competition?
  • How are you different from them? What differentiates you?
  • What is the overall climate of your industry and how will you fit in to it?
  • What are your revenue projections? What are your expenses?

This is a little overview of things to consider. If you spend some time researching each of these things and putting together a simple plan, you have put a fair amount of thought in to ensuring your future success. There are also low cost ways to get some guidance. The Small Business Administration has a program called SCORE; if you look it up, there are simple business plan templates and the opportunity to have a SCORE mentor in your area go through it with you.

Since it is almost 2018, I wanted to get you thinking about what your business could look like next year and in subsequent years! Happy planning! Have I motivated you? I hope so!

is your business plan setting you up for success

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