When you start up: create that business plan!
When you start a new business, everyone tells you to write a business plan. They then present you with a 40 page template requiring an age and a degree in business to fill it in. It will ask you for detailed marketing plans, financial figures (budgets, potential sales, profit, etc.) and lots of other detail. It’s completely overwhelming and whilst you do need complete such a plan if you are going for loans or grants, it can put people off ever creating a plan.
Once your business is up and running – keep it up to date!
You do need to maintain a plan, just to keep a check on where you are heading and whether you are achieving the goals you set, but to keep the full business plan up to date is too much work for the busy business owner and rarely happens.
So, if you’re not going to do a 40 page plan…try this one instead
It’s a one page plan that summarises your business and your plans for the coming months. It’s easy to complete, though it still makes you think, and lets you set 3 goals to achieve in your next few months (or whatever review period you set).
Write it, save it and then get it out of the drawer in 6 months’ time for a review. You’ll be pleased with what you’ve achieved.
You can download a copy of the file here.