Using Your Goals To Build Your Business Plan

New year, new you? It’s something that we say when we’re hoping to stick to our resolutions and goals in the New Year. Last month we talked about SMART Goals and how to set yourself up for success. Well, here’s your first check-in. How are you doing, how are your goals going? Are you sticking with them, or have you let them slide? Are you priming your business to be successful every day, or do you leave it to once a week, or once a month, or even not at all?

Creating a business plan is difficult, but not impossible. It’s worth revisiting your old one if you made a business plan a few years ago, and haven’t looked at it since.

A business plan, as defined by Entrepreneur, is a “written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.”

SBA.gov recommends that a business plan includes;

• Executive summary – a snapshot of your business.

• Company description – describes what you do.

• Market analysis – research on your industry, market, and competitors.

• Organization and management – your business and management structure.

• Service or product – the products or services you’re offering.

• Marketing and sales – how you’ll market your business and your sales strategy.

• Funding request – how much money you’ll need for next 3 to 5 years.

• Financial projections – supply information like balance sheets.

• Appendix- an optional section that includes résumés and permits.

To write the best business plan, you have to know your company, your product/service, your competition, and the market intimately. This means doing your homework– you must research your industry in depth. On top of that, you must have a clearly defined marketing plan to showcase how you will accomplish the goals you’ve outlined in the business plan.

Whether you’re sharing your plan with an investor, customer, or team member, your plan needs to show that you’re passionate, dedicated, and actually care about your business and the plan. You could discuss the mistakes that you’ve learned, the problems that you’re hoping to solve, listing your values, and what makes you stand out from the competition.

When you explain why you care about your business, it creates an emotional connection with others so that they’ll support your organization going forward.

Questions about creating the best business plan for your business? CONTACT THE WIZARDS to schedule your free consult!