More often than not, if you’re going somewhere that you’ve never been before, you will use a G.P.S. to guide you, increasing your chances of making it to your destination, and decreasing your chances of getting lost.
As an entrepreneur, your business plan serves a comparable purpose – guiding you toward your business goals, while increasing your chances of success and decreasing your chances of costly mistakes.
Where to start
Clarify your goals
Write the vision; make it plain
One of the first things you have to do when you use a G.P.S. is enter your destination (and, the more specific, the better). What is your vision for your business or project? Write it down and be as specific and descriptive as possible. Don’t stop there – get creative – draw it, make an audio recording, or video.
Create Your Plan
The plans of the diligent lead surely to abundance…
Begin to think about the steps you can take toward your vision and write them down. What tools and resources do you need? Who needs to be a part of your team? How much will it cost.
Get Advice
Without counsel plans fail, but with many advisers they succeed.
If you are just starting out. Begin to connect with experts in various fields of business and seek out advice. Consider contacting a local SBA (Small Business Administration) office, SCORE or an SBDC (Small Business Development Center). Many of them have free and low cost resources, trainings and consultants to help you get started.
Who do you know? Who’s in your network that is in Marketing, HR or Accounting that can help you with those aspects of your plan?
If you are already in operation, get input from your team/employees. Involving your team can increase morale, improve relationships, and foster a sense of ownership and motivation.
What should it include?
Whether you opt to write a standard business plan (tens of pages), or a lean (one sheet) plan, there are several components you should include:
- Company/project overview – a description of your business, project, products and/or services as well as goals.
- Business model – how will you generate revenue?
- Target audience – who do you want to attract, serve and/or help?
- Marketing – what is your strategy to reach them?
- Team – who will help you execute your plan? What’s their experience? Or, who do you need to recruit and how will you find them?
- Operations – what resources do you need? (facilities, equipment etc.)
- Finance – How much do you need? What options do you have to secure the funding you need?
Using Your Plan
“Without strategy, execution is aimless. Without execution, strategy is useless.” – Morris Chang
Once you’ve created your plan – the most important step you can take is to implement it.
Use it:
- To communicate with stakeholders (advisors, employees/contractors, investors etc.)
- As a guide for making key business decisions.
- As a reference for business operations/company culture.
- As a tool to secure funding (traditional loans, investments, sponsorship and/or crowdfunding)
Plans aren’t permanent
“Just because you make a good plan, doesn’t mean that’s what’s gonna happen.” ― Taylor Swift
A few years ago, I came across an e-mail from a well-known, well-respected and very successful trainer/coach. In it, he equated a business plan to a “fairy tale” because they never “come to fruition”. To a degree, that’s true. Plans are not a guarantee.
Have you had the experience of following a G.P.S. and during your journey it took you on a detour to avoid a traffic jam caused by an accident or construction? It’s happened to me more times than I can count. The important thing is that I still made it to my destination, I just took a different route.
When looking up directions on Google Maps, I found this disclaimer in fine print at the bottom:
“These directions are for planning purposes only. You may find that construction projects, traffic, weather, or other events may cause conditions to differ from the map results, and you should plan your route accordingly. You must obey all signs or notices regarding your route.”
The same can be true in your entrepreneurial journey. Economic changes, technological advances, social unrest and many other circumstances may present obstacles or opportunities that require a change to your plan. And, that’s ok.
“If a plan doesn’t work, change the plan, but not the goal.” – unknown
Also keep in mind, as your business grows and evolves, your goals may too. Your business plan is a “living document”. It should be revised and updated regularly to address new external circumstances as well as internal transitions in your business.