Forerunners Are Already Creating Next Year’s Business Plan30 Aug, 2015 By: Sand Sinclair, Editor
Of course you have a well-thought out business plan, let alone know to add or consider new objectives where applicable if you're a company that wants to thrive. But as the world landscape keeps changing in the office channel, as well as nationally and regionally, are you effectively revising and updating your plan to reflect the "new normal" today that results in good business?
As the end of the year looms ahead, if you haven't already started refining your business plan for 2016, with adjusting to today's technologies and service-driven business model, don't hesitate any longer. Drafting and refining an operational and sales strategic agenda is critical to meet your new objectives.
Writing a good Business Plan
There are many ways to create a business plan. But first and foremost, a business plan is a written description for your business's future. This prepared document will entail the details of what you plan to do and how you plan to do it. You and likely your CFO, assigned staff or a business consultant will be reviewing and writing down the main points of your business to address, then will build your plan from there.
Business plans are inherently strategic. Naturally, you'll want to start by assessing your resources and what is achievable, as much as the cost and overhead factors. You may even have a three or five year plan already in place and are not yet finished with the outcome, but you should know if it is working or not and if you need to adjust it. If you are on track to continue as planned, you are one of the lucky ones as most business owners need to make some adjustments and make allowances. Over time, most businesses will have a different set of resources and abilities as well as greater profitability and increased assets. Your plan is meant to show you how you will "get there."
Ask These Questions
•Why Should I Write A Business Plan?
•How Long Should My Plan Be?
•When Should I Write It?
•What Are My Primary Goals?
•Do I know the Financial Needs?
•Can I Write A Business Plan?
•Should I Update My Current Plan?
If you're a smaller business organization, do some research. There is good information online about writing business plans. There are business plan "plug-n-play" templates and tools to assist you such as dedicated software programs, how-to-manuals, sample writings to view for relevance, etc. Most companies know or have a good CFO in the mix who is used to working on business plans with owners and C-level management. There are excellent consultants and analysts to draw from as well. Whatever your business, your products, your intentions, you need to act soon. Don't wait until you need a business "fix" instead of a plan.