Make your business plan work for you
Business plans aren't just
for showing to potential investors. They're a vital tool for
organising and structuring business, keeping track of progress and
planning your future. Here are the key things to keep in mind
when it comes to your business plan:
- Keep it live
- Plan your future
- Assess your business
Keep it live
Update your business plan
regularly. This allows you to accommodate unforeseen
circumstances. It'll keep targets realistic - you can adjust
forecasts according to the here and now. It'll also help keep
your finances in order, and help you when it comes to the next two
points in this guide. As you update, you also get a better
idea of how accurate your original plans were - if they differ
widely, you know to be more conservative or optimistic for your
next forecast.
- Update your plan regularly
- This will help you plan for the future and assess your
progress
Plan your future
Your business plan should forward-plan the next 12 months on a
month-by-month basis. Work out how you expect all areas of
business to develop over the next year - employees, finances,
sales, overheads, marketing - everything in your plan. This
means you're always able to work out the next step towards reaching
your longer term goals. It also highlights any areas of
shortfall or cash-flow problems that may lie ahead, and gives you
time to prepare for them.
- Plan ahead on a month-by-month basis
- Achieve your goals
- Prepare for upcoming shortfalls
Assess your business
Referring to your business plan regularly - at least once a
month - will allow you to check your progress against the goals
you've set yourself. This means checking that you're staying
true to your company's vision and plans as much as achieving sales
targets. A live business plan will clearly lay out the state
of your business and the balance of elements like recruitment and
overheads, so you'll be able to determine more easily whether or
not you can afford to take on that extra member of staff or spend
that extra bit of cash updating your website, or see if you're in
trouble financially.
- Refer to your plan at least monthly
- Ensure you're sticking to your vision and goals
- Be able to see whether you have extra or low resources,
immediately
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just £20 per month with no contract! Try it out today!
Global Entrepreneurship Week 2011 is sponsored by NatWest
