First Things First
It wont matter if you are a 300 worker business or a single person business, creating written plans will give you a definitive advantage over others. Even as a single person consultant, I have a written plan that I utilize as a guide to keep me on the path I selected. It is important to note that these plans are malleable and easily updated as you feel fit. These projects are not just to help you get organized in business, but they are additionally meant to get you thinking about your business. You will find that these projects will raise more questions the deeper you commit to them. Go ahead and write those questions down because they tend to disappear just as fast as they showed up, and you will need to answer them in the most honest way possible. Stretching reality will not help you but being truthful with yourself will allow you think about ways to overcome your very real challenges.
Project # 1: Opportunity Is Now
An opportunity for you to no longer say “I just don’t have the time” has presented itself and its up to you to take full advantage of placing your business in the best position you can. If you have, or ever had a business plan, it’s time to dig it out, analyze it, then update it, even if its really old. For those that never had a business plan, it’s time to build one while you are not distracted by day-to-day operations. If you think you will require assistance, know that there are people like me out there dedicated to your success. Here is the first of five projects this week to put you back “on” the business so that your business can be better prepared to survive and recover.
(Re)Build Your Business Plan
Think of your business as fresh and new again and start writing things down, what does your business look like today and what do you foresee it looking like in five years? The best upside to this project is that you should already have actual data as well as real insight into your business. If you are currently unaware of these types of things, relax, now is a great time to become more familiar with your business. Here are a limited bunch of questions that I would like you to ask and answer yourself in written form. As you think of more questions, write them down and add them to this. This is not an overnight project and some of these questions are not easy to answer, but this will become the foundation of your business plan.
· How will my business succeed, and how much money will be required to execute my plan?
· What types of opportunities are there, and are they a good risk?
· What makes my product or service unique, and what is the obtainable growth potential?
· Have I set obtainable objectives with projected timelines?
· What potential problems could arise and how do I plan to manage them?
· How many employees will I need? What will they do and how will I pay them?
· What is the historical and projected financial performance of my business?
· Have I defined my markets and anticipated changes within them?
· How will I generate a customer (lead + conversion = sales)?
· What are the gross margins on my product or service? How are they competitive?
· Are there alternate markets for my product or service, how will I access them?
· Have I evaluated my suppliers and vendors based on performance, and do I have alternates?
Share And Help Others
I hope you can utilize this first of five projects (one-a-day this week). If I can help you or others with even a small business tip, I will feel rewarded. You can’t do everything yourself so don’t be afraid to ask questions on my social media platforms or contact me for extra help. As a consultant, I find a great reward in transferring my knowledge and skills to help others succeed, especially during difficult times. Know that a planned execution on your strategy will be rewarded with results. Make the choice to support your business with solutions that make it even more valuable.
Please "Share" this with others. Vaughn Bonsteel is a Business Consultant and Safety Consultant helping companies and people like you understand their current situations so they can move their businesses towards their goals.