.As a business owner, your days will always be a juggle of priorities. Not only do you have to keep your business running day after day, you also have to navigate through crisis while guiding your business plan towards success.
With the current circumstances surrounding COVID, you may be feeling out of control, and are unable to focus on what you need to get done. Now is the perfect time to write, or revisit, your business plan.
A business plan is like an architect’s plans for a house. Obviously you’re most interested in the finished product, where everything is completed and you can see how great it looks. But everything you see is supported by the underlying structure. And if that structure has a problem, or hasn’t been constructed correctly, you may find your house collapsing around your ears. If you aren’t following a solid business plan, the same thing could happen to your business.
In difficult times such as these, a business plan can give you renewed focus and a map to ensure your business makes it out the other side.
Getting your ideas down on paper is a great way to spot any potential gaps in your plans. It also forces you to look at all aspects of your business and to consider the worst case scenario. Make sure you spend enough time to consider both internal and external factors and that you get everything written down.
You’re more than capable of writing your own business plan. There are certainly plenty of templates available to help you get started. But with so much at stake, you may find it a bit overwhelming.
Unfortunately, this stops many business owners from ever completing their business plan, Or it’s finished and then shoved in a filing cabinet, never to be seen again – that’s the worst thing that can happen to a business plan. It is a living, breathing document that you should regularly read, follow, and amend when necessary (as in current circumstances).
One way to overcome your apprehension is to get help from experts such as the team at MBC who can:
- help you stay on track and achieve results;
- stop you wasting time;
- be a sounding board for your ideas;
- offer direction when you get stuck;
- give you peace of mind knowing their experience will ensure you’re on the right track.
We’ve helped dozens of clients with business plans over the years. And we often find these vital areas being overlooked.
When you’re creating your business plan, make sure you:
- identify your personal goals first;
- align your business and personal goals;
- understand the concept of “why”, because it underpins everything else in your business life and is a key to your success;
- know who your ideal client is, and market to them directly.
We can help you structure your business plan into the key areas, and can set performance indicators which can keep you focused and accountable. That way you’ll stay on target without getting lost in the details.
If the idea of creating a business plan seems daunting, or you’d like some fresh eyes to review your current plan, get in touch with us. We’ll help you get your plans out of your head and into a document you can use to develop your business and navigate through uncertain times like this pandemic.
Contact us at mbco@mbco.com.au
