How many people do you know who have great ideas but no plans on how to implement them? As business owners, we are part of a collective union of “go-getters”. We represent the rare individuals who dare to challenge the social obstacles that may prevent success. We stop at nothing, we go all out and we win our battles. This, of course, is no easy feat.
It requires putting a plan into action. And to do so, a lot of money, effort and energy is required. Business plan expert, Tim Berry understands this. And as such, he writes on his website about the various ways that business owners can create successful business plans.
Naturally, a business plan is measured in money, says Berry. So it is important that your business plan fits the need of the specific business you are trying to get off the ground. Business plans should not be generic. But instead, they should pinpoint the overall objective of your specific business.
Are you trying to be the biggest seller of your products? Are you working towards providing the best customer service available anywhere? Do you plan on building your brand online? Answering these and other questions will get you off on the right foot. That being said, your business plan should be realistic.
Writes Berry: “You don’t get points for ideas that can’t be implemented…The plan that requires millions of dollars of investment but doesn’t have a management team that can get that investment is not a good plan. A plan that ignores a fatal flaw is not a good plan.” So it’s important to be specific.
Your business plan should be measurable, says Berry. Outlining tasks, deadlines, dates, forecasts, budgets and metrics are all ingredients of a strong plan. You should also be able to specify a person to be responsible for each task and function you wish to implement. It is important to have a dedicated team around you. If they are not all working towards the same goal, your goal may never be reached.
You have likely heard the phrase, “you are only as strong as your weakest link”. This certainly applies in the business world. Remember too, that you must prepare for the worst. Berry reminds us that since business plans are, of course, created by humans, errors are to be expected.
Since a plan is a type of prediction, there should be room to revise your plans if things don’t go the way you expect. Keep your assumptions visible during the planning process, Berry advises. We will continue to take a look at ways to create strong business plans in tomorrow’s blog!