How To Create an Achievable Business Plan
You may think that your business doesn’t need a business plan. You may think that you’re doing just well without one and you don’t need to write down the goals you have for your business for the next three, six, or maybe twelve months.
If you’re like that, then relax because you are not the only one.
The SME (Small and Medium Enterprise) Research Report 2017/18 says that even though 98% of the businesses are concerned with business planning, only 20% of them actually have a business plan.
This can be translated as the following: while almost every business owner has ideas about how they want their business to grow, only 1 in 5 entrepreneurs are writing their ideas down and create a structure around their ideas.
When I usually work with people, I recommend them to go through the working process that you’re going to go through with this tool. And then, after the process is done, print the business plan and have it somewhere it can be seen every day, as a reminder.
There are two benefits you can take out of this process, besides creating a business plan.
- First, you’ll shift your thoughts from ideas into something that’s out in the real world. Your ideas about the business won’t be simple thoughts anymore, but steps part of the process of growing your business.
- Second, you’ll have more clarity over what you want to do and where you want your business to go. By simply printing your business plan and having written there the things you believe are important for the growth of your business, you don’t have to try and remember those things. You can easily access them by going through your business plan.
Looking beyond the business plan
For sure, a business plan is important. But before starting a business plan you should consider paying attention to some other things that I believe are more important than a business plan.
All the things I’m going to say in the next paragraphs are optional and they can be integrated into the business plan if you feel you can resonate with what you’re about to read.
1. Make sure you are doing something related to what you are passionate about
I look at people and I see people who are making lots and lots of money but they’re not happy. It feels like they don’t know what happiness is anymore and they can’t even remember when they were last happy.
When you pursue something just for the sake of making more and more money, you’ll lose your touch with the things that are important for your mental and physical health.
Focus on your passions even if you already have a business. It’s never too late to start focusing on your passions, especially if you already have a successful business. Take a small amount of money from that business and redirect it towards your passions.
Consider it as an investment made towards yourself that’s going to generate an income not as fast as you expect.
2. Focus on being brave, not ready
The courage behind unrealistic decisions is more important than being ready.
When you want to do things that you (and only you) believe in, you have to have the courage to follow them all the way. If you don’t believe in yourself and you want to do things differently, you won’t succeed.
That belief that you are capable of doing things differently and see how they will impact the world will provide you with the energy and the attitude to implement your ideas and see the results.
If you’re not brave, you’ll quit (for whatever reason) before even seeing any results.
CREATE AN ACHIEVABLE BUSINESS PLAN
1. Set up a 3-year vision broken down into smaller and achievable goals.
2. Pick one of the 5 available stages to better build your business plan.
3. Set up 5 major goals and, for every major goal, learn how to create key actions to help you better follow the plan.
4. Work on the Strengths, Weaknesses, Opportunities, and Threats behind your business.
5. Create relevant action plans and discover the importance of the first 90 days.
Structure and Action Plan
» 5 Business Stages – Where Do You Find Yourself?
» 5 Major Goals to Focus On in The First 12 Months
» SWOT Analysis
» Create a 90-day Action Plan
» Review Your Business Plan Periodically
There is 1 practical activity included in this tool and it works best for entrepreneurs, solopreneurs, and freelancers. This tool is structured in 5 big parts and you’ll get access to the business plan at the end of every tool. The exercise you’ll find inside this tool are the following:
» How to create a business plan
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