It goes without saying that having a sound, structured business plan is essential if you want to successfully achieve and execute your goals. A good business plan is not static – it grows and changes as your business develops. You should update your plan every three months, but just what are the key areas that need to be addressed within a plan?
- S.W.O.T Analysis
S.W.O.T stands for: Strengths, Weaknesses, Opportunities and Threats.
Understanding your current business situation and looking at these 4 key areas in more detail is important as it will help you structure what your goals and objectives should be. There are several questions to ask that will help you define your plan.
Strengths:
Knowing your strengths and what sets your business apart from the competition is crucial.
- What strengths does your business or proposition have?
- What are your unique selling points?
- How does your product or service benefit the customer and what does it solve?
Weaknesses:
When you identify areas that need work, you can very easily turn them into an opportunity that will ultimately help you achieve your business goal.
- What areas need developed?
- What isn’t working properly now?
- Does your offer, product or service need to be improved?
Opportunities:
When you focus on current and potential opportunities, you can define your goals more clearly.
- What new offers do you have?
- How many promotions will you have?
- What areas can you collaborate with others on?
Threats:
Being aware of the potential threats to your business is imperative if you want to stay ahead of the competition.
- What is the competition doing?
- Are there any processes holding you back?
- What other factors could influence the success of your business?
- Vision
Whether you run a business or are putting a plan together for your role within the business, having a vision will help you align your activities towards the end goal. Don’t be afraid to dream big, focusing on success making sure you align your vision with your business values. Key questions to ask:
- What does your vision look like in 3, 6, 9 and 12 months?
- Are you clear on what your vision will help you to achieve?
- What will you see, feel and hear when you achieve your vision?
- Finances
Aligning your financial plan to your overall business plan will help you to develop financial projections, plan for contingencies and arrange financing if necessary. Make sure you know your income and expenditure and monitor and track your financial plan on a continuous basis. If you aren’t great with numbers, don’t be afraid to reach out to someone who can help you.
- Key Information
Make sure you have all the key strategic information on your plan. Things to think about:
- Who are the key stakeholders relevant to your plan? Be specific and include contact details, position and how they are relevant to the business etc.
- What are the critical success factors in achieving your plan?
- What resources will you need?
- Goals
Keep it simple when you set your goals. To stay focused, set 3 to 5 clear goals and make them S.M.A.R.T.
S = SPECIFIC – Having a clear, well defined, specific outcome in mind is key.
M = MEASURABLE – Know what metrics you will use to evaluate if/when you’ve reached your goal.
A = ACHIEVABLE – Define how achievable the goal is without overstretching your capacity.
R = RELEVANT – Make sure the goal is relevant to the direction you want to take.
T = TIMELY – Have a timeframe for when you want to achieve your goal by.
- Help and support
If you know that you need some help to complete and update the plan, don’t be afraid to reach out and ask for support. There are a number of people who can assist and guide you through the process to ensure you have a solid and successful plan.