I Don't Need A Business Plan

Neither did Alice in Wonderland.
      ``Would you tell me, please, which way I ought to go from here?''
      ``That depends a good deal on where you want to get to, said the Cat.
      ``I don't much care where,'' said Alice.
      ``Then it doesn't matter which way you go,'' said the Cat.

 ``How can I increase my business?''  The answer is often easier than most think.  But before figuring out how, they must decide where they want to take their business.  This is why everyone in business should have a business plan, not just the people seeking venture capital.

 Your business plan will be the ``road map'' of your enterprise.  It will show you how to get to where you want to go.  To develop a good plan, you need to write down the answers to quite a few questions.

 To get you thinking, let's jump twenty years into the future. 

 Describe your life.  Are you still working or are you retired?  Are you worth a lot of money?  If so, how is your wealth distributed?  Stocks?  Bonds?  Equity in your business? Other businesses?  Are you independent or do you have a company?  How large is your company?  What is your annual revenue (in today's dollars)?  How many hours per week do you work?  Do you work on weekends?  Do you travel?  And most importantly, are you happy?

 Tough questions?  Maybe.  But they need to be answered honestly and realistically.  I know that life can hit you with some unwelcome surprises that might change the way you want things to be.  It is because of these changes, however, that you should re-evaluate your plan completely every year – for a new business every three months..

 After defining your long range goals, break them down into 1 year, 3 year and 5 year goals.  Make sure they are consistent with your long range plan.  The next step is to determine what you need to do to achieve your goals.

Here are some short-term questions you should think about:

Do you want more customers or steady customers? 

What is your competition doing? 

Will advertising help increase your profit?

If so, what kind of advertising and what media should be used?

Think of your own questions.

Your specific marketing strategies will depend on your individual goals (once you have an idea of where you want to take your business).  Put your answers down on paper!  Organize your thoughts, questions, and concerns.  If you have financial data, use it.  You don't have to take your plan to the bank, but by recording your income and expenditure you will have a benchmark to use when you review your goals and accomplishments. 

Review your plan for consistency.  Is it coherent?  Is it realistic?  This is your guide to your business.  It will help you get what you want.  Keep it updated.  Change it as your goals change or as the market changes.  Remember, a little planning will take you a long way.

Regards,

Eric

Eric W. Leaman

Trustee
eleaman@oedglobal.org
http://twitter.com/oed4smallbiz

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