One question I often get asked when I first meet business owners is “why do I need a business plan?.” The answer is quite simple, but the practice is a little more time consuming (maybe that’s why many businesses don’t have one). As a small business owner myself, I know only too well the challenges that running a small business can present. From getting customers, dealing with problems and then worrying about money. It all falls on your shoulders.

I have been working with small business owners for over 2 years now, both new and established and the problems and challenges are very similar.

So, you are running a small business with all its challenges. How do you spend the day? For most small business owners, they spend time reacting to whatever they are presented with at the beginning of, and throughout, each working day. Fair enough, some days can be like that. However, wouldn’t it be good to be able to have some control over what you do and know that everything you do takes you towards your goals? Having a business plan is the first step to achieving just that.

So what is a business plan?

A business plan is a structured document that sets out your objectives or goals as a business and, once written, becomes a working document that you use to do everything in the business. This is a “how to” plan.  

A considered and well written business plan will clearly describe your goals, and will include the actions that need to be taken to get you there.

So what are the steps you need to take to achieve a viable business plan? For me, there are a few basic steps you need to consider before and during the business planning process. Each step requires commitment to taking action in and on your business.

Oh, just one thing, the business planning process is part of your on-going business activity and must be reviewed on a regular basis.

A Business Planning Model 

• Define your business and personal goals

• Understand you in your business

• Define your customer groups

• Know your competition

• Define your unique selling proposition (USP)

• Establish your sales plan

• Establish your marketing plan

• Establish all your costs

• Determine your business processes

• Plan-Do-Check-Act: Keep the plan alive
  

These 10 steps form the basis of a business plan that provides you with the framework you need to determine “what’s next” before circumstances determine that for you.

Set yourself on the right path. Why not download our FREE business plan template?

Each week we will publish an article on each of the 10 business planning steps to help you on your journey towards writing your own business plan. There will also be access to other free templates for you to use like cash flow forecast, sales plan, marketing plan and many more.