Every business needs a plan. A business plan is a comprehensive document that can show you what you need to do to achieve your vision.
A business plan is a future facing document, generally written to cover a five year period. Planning five years into the future can seem daunting. Fortunately, a well developed business plan can help you break down the steps you need to succeed, providing you with a methodical approach on what you can do to work towards achieving your vision.
More often than not, business plans are associated with business Start-Ups. However, any business, no matter where they are in the business cycle, can benefit from having a business plan. If you are part of an established business that is finding it hard to remain profitable, a business plan can offer you solutions on how you can make efficiency gains and streamline processes. A business plan also works well for businesses who want to expand a product line, have changed their structure, or are servicing new markets.
Generally a business plan will enable you to determine your mission and vision. This can be done collaboratively with your staff and stakeholders or your management team. Having a set mission and vision makes it easy for outsiders to see what you are working towards.
Business planning is all about strategy and objectivity. To develop an effective business plan, requires looking at a business from all angles. As a Strategic Marketing agency, we like to not only look at costs, but also revenue raising activities that are achievable over the timeframe of the plan.
If implemented correctly, a business plan can provide certainty around your future success. Success starts with strategy, and a business plan can show you what it takes to succeed.