By Lisa Murray, Director, Coach, Business Mentor & Author, REVIVE Business Coaching
It’s a fact that most small business owners don’t have a business plan, or if they do, vital ingredients are missing. Learn why activating the right business plan can put more money in your pocket.
You don’t have to rush out and develop a 50 page door-stopping monstrosity! However, a short, targeted strategic plan focused on leveraging your business opportunities, your resources and your time will deliver value in excess of 1000 times the few hours it will take to write. A well-written business plan magnifies your productivity, daily focus, business success and so much more.
Benefits of having a business plan:
l Defines your income funnel and product development pipeline. No more chasing bright shiny new (irrelevant) objects.
l Keeps your actions and accomplishments prioritised and on track. You are clear about your daily priorities and are achieving at triple your previous rate, with no additional hours in the day.
l Opens more doors and leverages opportunities. When you know exactly what you’re looking for it’s easy to focus on creating the right opportunities.
l Highlights inefficiencies. Watch time wasters disappear from your life as you get laser focused.
l Creates balance in your business and your life. Creating a superb business plan is easier than you may imagine. Follow these eight simple steps to get yourself started.
Step 1
Start by defining your three year objectives.
Step 2
Set quarterly targets based around key performance indicators and review progress quarterly.
Step 3
Identify exactly who your ideal client is and develop priority marketing tactics that align this market.
Step 4
Develop a profitable marketing funnel of services and products for each market niche.
Step 5
Define what you need to learn, change, delegate or outsource to meet your targets.
Step 6
Set three life balance targets and practice them daily.
Step 7
Forecast revenues and expenditure based on your plan and marketing funnel.
Step 8
Most importantly, no writing books. Use dot points!
In the process of doing these tasks, you’ll discover opportunities that have been waiting for you to recognise them. You can complete a rough outline of a plan like this in less than a day - most of it is in your head already! A well thought out business plan allows you to clearly see what is in alignment, where the gaps are, and why some bits of your business have come unstuck or haven’t performed to expectations. It’s the best small business reality check besides your bank balance!
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