Business Planning

Question: I am a business owner but I feel like my business has been stagnant for a while, and I need to re-focus to take it to the next level. I have always procrastinated on writing a business plan because it feels like a cumbersome project. Is there an easy way to write a business plan, and what should it cover?

ANSWER:

Sarah, Planning is critical to taking your business to the next level. Whether you’re a start up business or an established enterprise, a solid business plan can help you become more successful.

To get started:

1. SET A DATE

Decide on a completion date and ask your friends or family to hold you accountable.

2. CRAFT YOUR MISSION STATEMENT

Your mission statement is a blue print that should clearly spell out your purpose and values. It should cover measurable criteria such as ethical position of your business, your target market and the kind of public image you want to project.

3. SET YOUR GOALS

* They should be specific and measurable * Short-term goals should tie back to long term goals * Keep your objectives realistic but don’t let your fear hold you back from aiming high

4. WRITE YOUR MARKETING PLAN

* Identify your target market * Address how you will:

i. Deal with competition

ii. Price and promote your services or products

iii. Provide stealth customer service

5. MAP OUT YOUR DAILY TASKS

What will it take each day to meet your goals.

6. TREAT IT AS A LIVE DOCUMENT

* Keep the plan up to date

Incorporate incentives to reward yourself and your employees when you reach your goals