Main Idea
Does your organization have a business plan? Is it something your banker required or you put together when you started the company? Or is it a living, breathing action plan that helps guide you and your decisions? Has it changed in the recent economy? How prepared were you for the recession?
Expansion of Idea
Most companies draft a business plan when they start or when they are required to by their bank. They are a laborious chore that only an obsessive- compulsive, anal accountant could love. As a result, most people miss the big benefit of the plan. It is an outline of what you are going to do. It summarizes your reason for being, your goals, your operations and how you will determine if you get there. Having the plan keeps everyone focused on the big picture and how their job fits in. By having a plan, everyone can see what is needed to achieve the organizational goals.
A business plan generally consists of the following plans: strategic, operational, management, employee, marketing, financial, technology and production plan. Obviously, each business is different and some of these pieces are not as important as others and there are some additional pieces in some organizations. A solid business plan contains reachable goals and the steps to get there. It should be adjusted once a year to include new goals. Your company’s plan must be based on core values and your mission statement. Use the vision and enthusiasm you had when starting your company to prepare your business and employees to get it there.
The most important thing to do once your plan is in place is to make it happen. Just do something. The government had a plan to turn around the economy. Whether you agree or disagree with the choices, they are following through. Your points of action may or may not always work, but it is important to continue to reach for the goals. Envision what your company will become in 5 or 10 years and set the stage appropriately for that vision to become reality. The business plan helps you get started on the right direction and periodically redirects you back to the right direction.
Areas to Start:
Revisit your old, dusty business plan.
Evaluate what part is working.
Brainstorm on what isn’t working.
Convert the formal business plan into an action plan with specific, reachable goals.