Business plans are often created when seeking funding, but many business owners find them unhelpful. This is often because they’re written with a long-term (five-year) outlook, then shelved and forgotten. Here’s how to get more from your business plan:
**1. Review Frequently:** Business plans should be dynamic, not static. While primarily strategic tools, regular review and updates are essential. Aim for quarterly reviews to assess strategy effectiveness. Identify what works, what doesn’t, and analyze the reasons why. Use these insights to strengthen your business.
**2. Integrate Lifestyle Considerations:** Traditional business plans often ignore your ideal lifestyle. While a bank might not care, you should. Dedicate a section to your lifestyle goals: desired work hours, location, vacation time, and schedule. Then, ensure your business strategies support these goals. This may require hiring staff, streamlining operations, or improving business systems.
**3. Transform into an Action Plan:** Your business plan outlines long-term strategy. Convert this into a short-term action plan. For each strategy, detail the activity, required resources (employees, money, time, equipment), and a detailed plan with deadlines. Focus on the next three to six months, outlining every step needed to achieve each goal.
The initial implementation of these steps may take 2-8 hours, depending on the level of detail. Remember, greater detail leads to a more effective plan. Subsequent quarterly reviews will be faster, building on previous work and improving planning effectiveness. By implementing these strategies, you’ll have a business plan that delivers real results.
[Optional: If you’d like a sample business plan that works, please email me and I’ll send you one that you can use as a model.]