6 Easy Steps to a Finished Business Plan; It’s not a Monster | Triumph After Trauma


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6 Easy Steps to a Finished Business Plan; It’s not a Monster

Feb 27, 2017

Ahhh! The business plan raises fear, panic or uneasiness of the unknown. It isn’t a monster or a PhD thesis. It is a playbook for you and your business that you create.

There no right way or wrong way to do it. Many times, the only person who will ever see your business plan is you. Yes, that is what I said, you may be the only one who ever see your business plan. Write it on copy paper or do it in Word or even in a business plan program. Who cares, it is your plan.

Then why do it if no one will see it? You might be correct, no one may every know if I don’t have one.  You will always know and yes, I believe others will know too. Historically, the businesses who have a plan, tend to stay in business, make more money and are focused on clearly defined goals. You want to be in that statistic.

A typical business plan will have several areas but it is up to you if you want to include all of them or if you want to include additional sections such as management and operations, funding and appendix. Again, it is your playbook.

Stop Think and Start Writing

  1. The Title Page – You have earned a title page. Embrace it. List the name of your business, contact info, social media info, your logo, tax number, etc. Make your business feel like it is about to land big on the map.
  1. Table of Contents – Why not! This is your playbook make it feel important enough to deserve a table of contents.
  1. The Executive Summary – Isn’t that title formal. If it scares you then name is whatever you want to name it, unless you are going to show it to someone like a bank loan officer, then use this title to make you sound like you have something amazing they need to read. The summary typically has your mission statement, your vision statement, your short-term goals and long-term goals, what you do, your location, etc.  Think of this as the fast tour of your business. It is typically one to two pages. Come on, you can write one page overview of your business.  Include at least a paragraph at the end. Take the reader to the destination of your dreams.  A great playbook always has expectations of winning the championship trophy.

    Visualize your dream goal

  1. Business Description – If you are in business then you sell something. What is it? What are the benefits to the client? How are you going to sell it? Why should people care you are in business? Give details. If you sell Beer, do you sell it in cans, in a tap room or are you a wholesaler. This is where you begin to know what you are selling inside and out including how you are different. Branding is an important piece to this description. Do you have a tag line or the one thing, hands down, is you? This is your chance to get a clear focus and if you miss the mark or need to adjust it, then adjust it. Yes, you have the power to change everything at any point in time.
  1. Marketing Plan – Now you know what you are selling but who is buying your stuff. You should probably know who will be buying your stuff and where to find them. Get clear about their buying habits are with regards to your product and how to be different than the competition. If you are an HVAC company then I would bet there are times of the year you are slammed and other times you will hear crickets. This is a buying habit. Your customers have habits too. Your playbook needs these secrets to develop your secret sauce.
  1. Finances - If you are a start-up, this is mostly a crap shoot but it doesn’t mean you skip this part. It means you work on this the most. If you are a solo hair stylist you will need to know the average client turnover rate for the area, how much your supplies are, and how much it will cost you to take money. List out everything you will need and then do your best to price it.  This will give you an idea of your break-even point, how much funding you will need, and how to watch your budget. Talk to an accountant, a banker, your librarian, and don’t forget about google.

Ease into it, if you must. Write down a bare bones outline. Then add in a mission statement, and maybe what you want to sell and who might buy it.  Then bit by bit fill in the gaps by scheduling time to work on it.  Over time your plan will develop into a must have document for you.

It will never written in stone. It is a living documents. If you need to change a play on the fly and it works out better than the plan in the book, then revise the book.

Because there is so much growth for young businesses, start-ups should review their plans weekly and make any adjustments monthly at least for the first year. Once the business gets established then reviews and adjustments can be more spread out but a serious review should be scheduled at least annually.

Shake off the fear and procrastination. Start on your business playbook today.  It will help keep you from wasting time and money and get you on the path to amazing success.

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Believe in More

 

Believe in More I provide mentor style coaching to entrepreneurs and small businesses. The Academy's mission is to develop and grow their money, mind and mission and support the foundation to local economy.

There is nothing more valuable to a community then strong leaders who own successful business.

I am an author, speaker, coach and the owner of Triumph After Trauma Academy. I am a communication and leadership expert and recipient of the VIP Woman of the Year 2016 for excellence and locally nominated for the "Best of 2016".

I would love to connect with all my readers and learn how you are making this life your best life ever. Best Regards!!

 

Connect with me: 

LinkedIn: https://www.linkedin.com/in/virginiaphillipsco

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