Who needs a Business plan? | Captains Log

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Who needs a Business Plan?

April 14th, 2008 · No Comments

When you fail to plan you plan to fail.

Many of us don’t bother with creating a business plan because we think that we know our own businesses and just want to get on with it. Some of us are pressured into writing one to secure a loan or partnership etc.

Those of you who actually have written a business plan just for you, you have every reason to feel chuffed right now. But do you regularly broach it? How useful has it been or is?

A business plan is basically a list of business goals. Typically it will also include details of how and when these goals are supposed to be achieved, what obstacles might crop up and how to navigate through those obstacles. It is also best to include certain background information - for example, what your business is about, who your clients are, who your potential clients might be, your financial information, who your competition is and how you see their strengths and weaknesses

If you don’t know how to write a standard business plan and want to give it a go, there are a hold full of sites with templates you can download to help you out. The Australian Government has a fairly comprehensible list of approaches to creating a business plan.

Once you have your plan don’t file it away or stick it on the wall to be forgotten. The trick is to make our business plan part of our everyday lives

How do we keep our goals fresh, alive and workable continually?

What I’m going to suggest takes time, but I urge you to give it a go as it will set you up for the entire year

1. Break down goals into bite sized pieces

- Goals need to be broken into monthly and even weekly mini goals. You need to articulate how they are going to be achieved and when

- At times it can be difficult to be accurate on how long things are going to take, but see this as a starting point to success

2. Feed your goals into your working life regularly

- Set up your diary or auto-reminders with your goals, whole and broken down, in accordance with your timeline

- Commit to regular weekly/monthly meetings with other like minded and committed people , include key staff, to maintain accountability

- Every Monday morning update that chunk of your plan thats relevant to your week, use reminders around the office like desktop image, Mobile phone memos & notice board

3. Make it fun, friendly and inspiring

Think about what you enjoy. Use homour and encourage others involved to do the same. Add jokes, cartoons, funny alarm sounds to your equipment.

- A fellow I know has a Chinese dinner gong and rings it every time he confirms a sale. Perhaps have a ridiculous (safe) dare as an achievement prize or underachiever prize

- Test and measure to make sure you are on track and give yourself and deserving others recognition and reward for reaching milestones

Remember that goals will change and should change as new business opportunities arise. When this happens adjusting your original business plan document refocuses you a bit like an auto pilot, then reset all your reminders

The success of any of these ideas is action. and knowing what is going to work best for you. Maybe you have some different or new innovative ideas on creating a business plan that can be shared with the rest of us. If so please let us know by sharing in comments

Captn Tup


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