According to the United States Small Business Administration, there are approximately 32.5 million small businesses currently. The number varies from year to year with businesses coming and going. If you want to stay profitable and prosperous, you need to have a plan for moving forward.
A business plan does more than help secure business finances when you start. You will use a solid business plan for the entire life of the company. Use it to refocus your goals, refresh your memory in growth programs, and achieve marketing goals. Share your plan with employees, shareholders, and investors, and come back to it to see if you need adjustments along the way.
It may be tempting to throw in a lot of industrial jargon to show your knowledge of your niche. Unfortunately, most lenders will not know what you mean. It is best to stick to a language that anyone can understand. You never know whom you might need to share your business plan with.
Read over the program a few times for typos and clarity. Read aloud to “hear” the words. You will find unfavourable sentences by speaking words. You will never have too many eyes on the system. One person may detect some spelling error while another detects system errors.
Get feedback from your staff, family, mentor, and friends. You do not have to follow all the suggestions, but you should consider what everyone says and choose the ones that make the most of your business model.
Take a look at a business plan from someone outside the industry. Does it all make sense? Are there any phrases that someone might need to stop and look at? You do not want the reader to be thrown out of the text flow.
Recognition of staff
Your business plan should include a staff recruitment structure. Developing a strong workplace culture benefits your product in many ways, such as creating team member loyalty and keeping your best people. It is difficult for a company to succeed and grow without focusing on its employees.
When employees get recognition for their achievements, they are very happy with 82 per cent of their jobs. They will do better than employees in the company without the best culture program. If you are not sure what your company’s culture should be right now, just make some notes on your favourite things about your favourite places of work.
While you may want to run a multi-billion dollar conglomerate, most small businesses remain relatively small. That doesn’t mean you can’t achieve great success as a small business owner, but make sure your goals are achievable.
As you work with potential revenue streams, consider what others in your industry do each year. You may be able to skip that by 10% but to think that you will do four times more than your nearest competitor may not be very realistic.
Making your goals higher can damage your chances of getting funding, too. Those who are considering investing in your business may feel that you do not fully understand the general income of your business.
A good mission statement
Leading business plans define the purpose of your company. Why did you start a business in the first place, and how do you leave your brand and brand?
For example, a small land design company called Massey Services shares its technology statement on its website. Their overall goal is complete customer satisfaction. Everything else in their statement on their web page is linked to that philosophy. They want to build lasting relationships, they want people to trust them, and they value truth and honesty.
If you have a solid mechanical statement, we drive everything else you do. If you focus on building relationships, you will develop a company culture based on working with employees. Your statement of intent may be something that your company does not change.