Every successful firm or other company needs a good plan in place to act as a short- and long-term map to measure yourself by. If your company doesn’t already have its own business plan, writing one right away is imperative. A business plan not only models how you run the company but can help you get a better understanding of where you want to take your company, how you hope to get there and the time frame in which you’d like to do so. If you’ve never written up this plan before, it might sound complex, but it essentially involves answering multiple important questions about your business. Here’s how to break it down into manageable chunks.
1. Identify Your Core Services, Values and Overall Mission
Before you get further into the small details, it’s important to fully identify what your core services are that you offer, any products you plan to sell, what your company values are and what your overarching mission that drives you every day is. This can help you figure out not only what you’ll be selling, but what your purpose is. It can also be immensely helpful in creating a strong brand identity.
2. Zoom In on Your Customer Base and Possible Marketing Strategies
The next step is to figure out who you’re going to sell those products and services to – in other words, zoom in on your customer base and really identify your core demographics. Once you’ve done this, it will become easier to figure out which sorts of marketing strategies are best for your brand. For example, if your demographics are mostly young people, a wide social media presence could be helpful.
3. Spell Out Plans for Management and Financing
Finally, you can’t run the company without good management and adequate funding. Spend some time thinking about the organizational and managerial structure of the company, and lay out flowcharts for who’s in charge of what in case of emergency. Also consider how you will continue to fund your business and how you can attract new investors.
Regardless of the types of services and products your company offers, you need to have a strong draft on your personalized business plan on file at all times to act as a guide for getting where you want to go. Whether you plan to improve a single location or expand significantly over the next ten years, having a plan in place helps you keep tabs on progress and achieve your goals. Break down the plan writing into these bite-sized chunks for quick completion.