Do You Have 20/20 Vision?
As someone who has worn glasses since I was a young boy, I have sat many times in the optometrist’s chair and been asked an endless series of questions: “Is this one better? How about this one? Now, how about this?” It is not that different from settling down to write your next business plan. “Would this strategy be better? Should I spend more? Who should be responsible? Now, how about this?”
The one thing both activities have in common is VISION and despite how impatient we may get looking at endless details from every perspective. It is a critical part of creating a successful business. Because unless you are seeing a clear vision of where you want to take your business and what you want to achieve, you are much less likely to ever get there.
We recognise that putting together facts and figures is not the most thrilling use of your time. However strong business leaders will know that it is essential if you are going to give your business the best chance of survival – and the best chance of growth.
At ActionCOACH Birmingham, we want to help you to see things clearly. We can help you develop your short term 90-day action plan, as well as your longer term business plans.
The 6 key benefits of having a short term and longer term business plan in place to help with your vision:
A Business Plan defines your purpose
What is truly at the heart of your business? What is the passion that drives you, your reason for starting up at all? With all the work that goes into running a business, you can lose sight of what is important to you. Building your mission and purpose into your business plan keeps you focused, so that when times are difficult you can remember just why you are doing this – and keep working towards your ultimate goals.
A Business Plan provides you with a map
Think of your business plan as a roadmap for your business journey. You could hop into the car and get driving right away, at some point you may get lost, or come to a junction where you are not sure which direction to go in. Creating a business plan lets you set your timescales. Your objectives and the best route you need to take in order to ensure your business grows
A Business Plan solves your future problems
Creating or updating your business plan enables you to plan your business in advance, rather than just leaving it to fate. You are forced to think about the hard questions, such as – Is my price point high enough? or Is it too high? What equipment do I need to grow, or does it need replacing? Are my premises still suitable? It is much better to face up to these challenges and find the answers to these questions now.
A Business Plan keeps you accountable
It is easy for life to get in the way, suddenly three months have passed by and you are not where you thought you would be with your business – it can be de-motivating. By having clear goals, targets and timeframes in your business plan, you will be motivated and always working towards the next goal. Think about tangible things you want to achieve in a month’s time, three months, six months, a year. What do you have to do to make them happen?
A Business Plan gets people on your side
If you are applying for funding, seeking investors, or looking to work with other businesses, a business plan is a must. It shows that you are reliable, that your idea is going to work and that you are committed to making this business a success. Show people exactly why they should work with your business with cold hard facts that nobody can argue with – market research, cash flow forecasts and early orders.
A Business Plan gives you a Plan B
Nobody likes to think about their business failing or running into trouble. So it is important to think of a contingency plan that will support you should the worst happen. Building this in from the beginning is not setting yourself up to fail, it is giving you the best chance of success. Consider the worst head on and plan, plan, plan ahead.
A good plan should function like the right pair of glasses or contacts. It should bring things into focus and keep you moving in the right direction. However, it does not do you any good sitting on the shelf. That is why it needs updating, refreshing and reviewing regularly. That is where the 90 day action plan really helps. What are you going to do in the first three months of 2020 to grow your business?
Business plans, like prescription lenses, need to be reviewed regularly and as such, check-ups are essential. In today’s competitive and dynamic business environment you cannot afford anything less than 20/20 vision.
Is it time to start seeing the future of your business more clearly and planning accordingly? Would you like to create a blueprint for profitable growth and success? We will show you how. To find out more about how we can support you with your business plan and get your plan into place for 2020, get in touch – we would love to hear from you.
Have a great day,