What is your Business Plan? Better yet, where is it? If you had to find it, right now, could you? If you haven’t created one yet, or you feel like your Business Plan doesn’t represent what your business has become or if it doesn’t serve a purpose at all, let’s get started on a Business Plan that works!
Section 1 – Your Business
You should be able to easily converse on your business, your services, your products and who your competition is. So, think of your business plan in a conversational manner. Ask yourself some simple questions:
- How would you describe your business?
One sentence. In one sentence, describe exactly what your business is. Now, create your elevator pitch – one paragraph – that describes your business.
- What is your target market and who are your competitors?
Who are your existing clients? List your existing clients. Now, write down who your ideal
clients would be. What’s different about existing and ideal clients?
- How is your product or service unique? What’s your niche?
Do you serve a particular industry or provide a specialized service? Is there a difficult target customer that the market misses? Is your product or service available in an unexpected place or format? Find what makes your business standout.
- What are your goals for your business?
Where do you see your business in 1 year, 3 years, 5 years? Think of products, inventory and employees.
- What makes you the best person for this business?
There must be something that passionately led you to this business. Everyone has a moment that led them to a specific place. Why are you in this place with this business?
Section 2 – Your Money
Don’t call your accountant! You can do this!
- What are your revenue goals?
You have to figure out how much each product or service equates to in time spent vs. income from sales. Example: cleaning business – If you work 30 hours/week and spend 3 hours at each client, you can successfully cater to 10 clients. 10 clients times the average price/client = your monthly revenue goal.
- Projections vs. Reality: Take a look at your business goals from #4 above. Now, based on revenue goals, do you have enough time in the week to make your projections? If immediately the answer is no, look at hiring employees and ensure that you average in time for interviewing, training and onboarding.
- Separate your revenue goals daily, weekly and monthly so that by the end of year one, you’ve tracked EVERY SINGLE DAY. Keeping yourself on track from a daily account will ensure that at year end you’ve met or exceeded your goals.
Defining your business for exactly what it is, who you market to, what makes you special to market to this target audience and what your specific goals are….these steps will help you have a perfect image of what you want your business to be. Finalizing the money side of your business plan will ensure that what you want your business to be, will line up with what you need to make that happen. By defining your business and your specific goals and revenue streams, you can track each day to ensure your goals are being met.
Rewards aren’t just for employees. Make sure that when those monthly goals are hit, that they are celebrated. Reward yourself for hitting those goals. Take the time to celebrate the daily and/or weekly goals so that by month’s end you know those bigger goals are met. Creating clear definitions and goals for your business that are trackable is a huge key to success. Get that Business Plan together and keep it where your eyes see it EVERYDAY. Make it a visual reminder of what you want and what you can do!