Your Company and the Importance of a Business Plan
Business plans are like architect plans, it is possible to build a house without one, but in all likelihood, a criterial detail will be missed. Without a business plan, you may put yourself into a position where you will need to deconstruct what you built and rebuild it to spec. A business plan will help guide your business, just as the architect plans to guide the construction project.
A well-written business plan is an important tool because it gives business owners the ability to lay out their goals and track their progress as their business begins to grow. Formulating a business plan should be the first thing done when starting a new business. If your business is not meeting the goals originally set, then re-writing your business plan will lay down the foundation for future growth. Staten Island Consulting can help you create or rework business plans!
If you are wondering what you should include in your company’s business plan? Consider the following steps:
- Company Mission, Vision, and Values – Focus on the real reason you go to work every day. You goal could be to maximize your resources to get the largest ROI.
- Assign Management/Supervision/Coaching Staff and Responsibilities
- Review and List your team’s strength and weaknesses. Using a SWOT Analysis is a good tool to perform this analyst.
- Design your strategy – What is the way to make maximum profit with the current team while staying true to the mission and vision. Include Risk Mitigation in your strategy.
- Implement a Training Plan
- Define systems to manage your company
- Initiate business development plans/Marketing Plan
- Track Metrics to monitor business plan – What numbers do you need to track to ensure your company is successful? Financial data definitely, but what are the others?
Now that you have a better grasp of some of the elements to think about for your business plans, you can confidently move forward with doing more research and creating your own. If you do not have the time to focus on the business plan, consider bringing in a consultant. To reduce costs, this activity can be done virtually. If you do need assistance, contact Staten Island Consulting today!