For many small business owners these last few days at the end of the year provide a time of reflection and planning for the New Year. Reflecting on the lessons of the past year and projecting into the future are beneficial exercises. Committing your thoughts to paper provides your team (and you) with a blueprint for building the business. But is writing a business plan enough?
Mark Goldstein, the president of the Central Florida Christian Chamber of Commerce, often says, "No one loves the creation as much as the creator." As the creator of a business, isn't it great to have such devotion and love for one's work? Yes, but, as Mark so rightly points out, there's a side to being the creator that can bite us in the long run. Blind devotion is dangerous.
Writing a business plan need not be onerous. Know the reason why and assess the context of your business plan. Sample business plans and templates are widely available on the web. Business plan software programs are helpful; however, this more formal approach is typically overkill for most small business owners unless you are starting a business and need to raise money or borrow money.
How do I write a business plan? Here's a simple suggestion: rather than writing a business plan, create a strategic plan at the top level of your thinking using The Service Model (You can download a free copy by clicking here). It will help you identify relationships of essential activities in each level. You'll also discover gaps in your thinking that may have been hidden from you under the surface of business activity and customer service and care.
Finally, after over three decades of being a business advisor, I see two weaknesses in the "Process" level for most small and mid-sized businesses: marketing and sales. That's because the entrepreneurs who start businesses most often have an operations or technical expertise rather than a sales background. Pay particular attention here when creating your business plan!
No matter what, your business (plan) will be reviewed by the marketplace over the coming year. How well your customers receive and respond to your products or services will provide amazing feedback. Poor performance, however, is an expensive teacher.
First, congratulations for planning ahead. Even more kudos for committing your plans to print.
Now, are you willing to have your business plan be reviewed? Before you invest and commit your time, money, energy, and team to a hope and dream plan, consider having your business, marketing, and sales plan scrutinized by:
- A SCORE (Service Core Of Retired Executives) volunteer
- Your trusted industry or business peer group and advisors
- Me! I'm available to review your business plan and to help you refine it so you aren't blindsided and have better success in the market.
Think you can't afford to have your business plan reviewed? Think again! You can NOT afford to NOT have it reviewed. To paraphrase an old saying, "An ounce of planning is worth a pound of cure."
Make it a happy, healthy, and prosperous New Year!
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