So... What Are Your Plans?
- Amy Gilpin
- Mar 16, 2018
- 2 min read
Many small business owners have business plans. Some are written down, some are kept safely tucked away in their brain. Lots of business owners do not plan at all. I’ve come to the conclusion that there are many misconceptions about what a business plan is actually used for, so hopefully this article will help clear up some of the mud.
Years ago, business plans were a tool used by medium and large businesses for accessing funding from banks and investors. It was rare for a small business to have a business plan written down on paper. Today, business planning has grown and evolved into a powerful tool that can be used by all business owners.
A business plan is a tool that can be used to help you understand how your business is structured, how it operates, and areas that you could improve on. It is comprised of many parts, which are plans in themselves, designed to be specific and focused on a single area of the business. Of course, the traditional use of business plans still exists. If and when you look at outside funding for your business, a solid business plan is essential.
Personally, I use my business plan as a guide to help me get my business where I want it to be. It consists of several smaller five-year plans including:
Organizational structure plan
Company culture plan
Administrative Management plan
Operations plan
Human Resource plan
Financial Resource plan
Marketing Plan
Growth Plan
Financial Forecasts
The finished product is the foundation of my business. It guides me in my decision-making, keeps me focused on where I’m going, and outlines how I can get where I want to be. There’s no question that business planning takes a lot of time, research and writing. If that’s not something you want to do or have time to do, consider working with someone like me to put it all together. An investment in a solid plan is an investment in the success of your business.
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