Business Plans for 2010- what can they do for you?

Is it time to reassess your original business plans?  Business plans shouldn’t be created and the filed away for use later on down the track.  Nor should they sit on the shelf and no one be bothered to update them.  

Usually a business owner will create a business plan to borrow start-up capital or fund expansion.  However, a business plan can do more that just this – it enables you to assess expectations as well as provide framework for performance monitoring.   

Business Plans for You 

Prepare a 2-3 year rolling plan that includes strategic planning processes.  Analyse factors that are internal and external to the business.  What are your internal expectations?  Reassess the values and resources available to you.  For external factors of your business, look at customer needs and competition from neighbouring businesses.  These plans will define you business mission, assess what needs to be done to achieve company goals and outcomes, suggest for improvements in the current business plan/working environment and affirm your client/customer needs.   

Your strategic plan should be the base to your business plan.  It is going to outline in detail specifically how the business is going to set itself apart from the other competitors out in the market.  Get in touch with your marketing, financial management, human resources and operation strategies – as these will be the driving force for success.   

Marketing objectives should demonstrate how the business is going to keep current clients but also gain new ones.  Human resources strategies are particularly important, as they will ensure your employees are happy and performing well, as well as potentially attracting new employees into the scene.  A financial management strategy is also vital – how is the cost of running your business going to be financed?  Assess how often you need to assess financial performance.     

Remember – your overall business plan should be constantly read and changed if sections seem outdated.  It should be consulted each time you make an important decision and if performance needs to be checked.