And even if you can answer that, does the thought of writing a business plan leave you cold or apprehensive? If so don’t worry, you’re in good company with a majority of business owners from our experience over many decades.
A business plan strategy is usually a plan, or roadmap, for a business to lay out its objectives and how it will reach them over a target period of time.
Typically this will be broken down into financial, operational and marketing or business development sections, and this in turn may form part of an additional application for business funding or financial support for a particular expansion, activity or to just make growing the business at a faster rate more achievable. If so, it needs to be realistic, challenging but achievable, detailed but not encyclopaedic, and it must be understandable by staff, possible business funders and all those it will impact upon.
Once the writing of a business plan is over the real work begins, making it work. A business plan is not a document to store away and forget about, instead it should be a measurement tool to review your progress against as the time after its preparation unfolds. Circumstances change, things happen (good and bad) that weren’t foreseen originally, and these should all mean that the business plan is a working document that receives attention and amendment on an ongoing basis, and if that seems like hard work then consider the adoption of a business planning consultant.