Every new business or established company that wants to expand really should have a business plan. A plan can help you personally stay on track, but more than that it can help you plan for ways to make a good profit and achieve what you want for your business.
Not only does writing down long and short term goals help you keep track of your progress but it’s essential to regularly assess your business plan if you want to grow. Here’s why.
2 Steps to Any Useful Business Plan
Long and Short Term Goals
The best way to write out your business plan is to separate it into six month, one year, five year, and ten year blocks of time. Start with your 10 year goals and work your way backwards by identifying how you can reach your larger goals by completing smaller goals.
Some of the things that should be addressed include net profit goals, advertising campaigns, customer attained or clients reach, number of employees you may wish to have, and other investments you may want to make in the future.
Most small or new businesses will need to present a business plan to investors, so make sure everything you can think of is covered and described in great detail.
Hire A Business Coach
They say the road to hell is paved with good intentions. Even after writing up a good and thorough business plan, it is not worth anything if you can’t execute it properly.
If you know you have a problem or just need help keeping your business on track, you may want to hire a business coach to show you why it is essential to regularly assess your business plan if you want to grow.
Business coaches can give you an outsider’s opinion and offer unbiased suggestions on how you can keep your goals on track in order to meet your needs. If you are following your business plan closely, a business coach can give you other options to make your business grow faster.
Any business, whether it is just self employment, a small company or a huge corporation, needs a business plan. In order to keep your company successful, you need to know why it is essential to regularly assess your business plan if you want it to grow.
This is the beginning of a new decade and the perfect time to work on your business plan. Need help getting going? If you are local to me in the Merced or Mariposa county, check with the Small Business Development Center (SBDC) of the SBA office. You can get free assistance!
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