Business planning – your future direction

The business plan is often the most talked about and least used tool your business has created, if indeed, you have one at all. If your business is not what it should be and not performing in the financial and operational manner that you want or expected, then there is a high chance that your business either does not have a business plan or you wrote something you called a plan and it is at the bottom of the filing cabinet or gathering dust somewhere in your office.

You may think, harsh words from someone sitting behind the keyboard and casting a sweeping judgment? If these observations ring true of your business then here are some guidelines and pointers to not only writing your plan, but some tips on how to keep it relevant.

Having a business plan is quite imperative to the good health and even survival of your business. Operating a business without goals and a focus on the path the business needs to take means it is bound to fail in today’s
business world.

Should every business have one?

A business plan is a document that contains a significantly detailed profile of your company for the purposes of focusing all key stakeholders on the business direction and desired outcomes.

Certainly, every business should have a plan, no matter how small or large that business is. You would expect larger businesses to be more sectional or have a number of departments and a chain of command that requires certain results and outcomes. The main deficiency is larger businesses often don’t have enough involvement in developing and implementing the plan and because of a lack of consultation and input from the staff, they do not achieve the very necessary acceptance or “buy in” from them. If the key staff members are not involved, then it is not their plan for the future of the business, but something that is hoist upon them.

The main failing from small business comes from not using the business plan as an evolving document. The business plan needs to be viewed as the blueprint for the business and reviewed and updated on a regular basis, preferably every three months.