Think of your business plan as a road-map. It moves away from your current destination and aims you at a future ending point. And, like any road-map, there will be twists and turns, road closures and new pathways that open up.
At MBA, we think there’s 4 key things to a good business plan.
Devote adequate time
Any important task deserves the appropriate allocation of your time. Developing a great business plan is no different. Once it’s done, the task doesn’t stop there – you should update it annually.
Do your homework
Before you start, go find some basic information about trends in your Industry, your competitors, new advances. Look outward and inward – what are you doing well versus what your competitors might be doing. Spend a few hours reviewing the latest market research as well as your own business metrics. This exercise will help you brainstorm ideas, set goals and make better decisions on how to achieve them.
Specifically look at any untapped opportunities your business can look:
- Key market trends you can take advantage of with a new product or service;
- Gaps in what your competitors are offering that your company can fill;
- New technologies that can move your business forward by improving efficiency or productivity; and
- Your marketing and sales processes that yield the best results.
After all, it’s not all about numbers…but….
Know your numbers
Talk with us about your business’s current financial health and what you can do to maximise profits going forward. After all, your financial data is only as useful as your ability to analyse it and act appropriately. We help you look at the facts and give you a clear view of actual results – something many business owners can struggle to do themselves.
Have a destination
Sometimes this part of a business plan is best described as an Executive Summary (ES). An ES adequately describe your company’s mission, direction, plans and goals for success.
And that’s why a Business Plan is like a road map….If you don’t know where you are going, any road will get you there.
For more information on our business planning and business valuations services check out our website.