Everyone knows they need one. Everyone plans on
writing one, eventually. But not everyone does it. Why? Because it’s so
easy to put off and it’s such a chore. I’m talking about writing a
business plan. Many business owners put more effort into planning their
vacations than they put into planning their businesses. This is a shame
because an entrepreneur with a business plan is much more likely to
succeed than one without a plan.
With just a little effort, you can plan the
business of your dreams complete with desired level of income, time
off, and emotional satisfaction. The key is the business plan. Let’s
take a look at some of the mistakes we tend to make with business plans
and what you can do to overcome them.
Mistake #1 - Putting it off
It’s easy to hang up an “Open for Business” shingle and then dive right
into the busy-ness of day to day operations of your business. Things
are going well and you think “Someday I’ll get around to writing that
business plan” or “I don’t need that business plan after all”, or even
“Who says you need a business plan to be successful?” Years later when
you want to buy a building or expand operations you find out that the
bank or investors want a plan, but you don’t have one.
Don’t put it off. Having a business plan helps you
to solidify your future, anticipate problems, and plan for success. If
you’re always running on adrenaline, putting out fires, and playing
catch up, you probably need a business plan. So just do
it. Block time on your schedule two to three hours a
week and just get it done.
Mistake #2 - Not a big enough vision
Think BIG when creating your long term vision.
This is your opportunity to design a business that far exceeds your
current situation. I’ve seen far too many boring, limited, and
going-no-where visions. Think in terms of the ideal and put yourself in
the future. What would you most like to be doing in your business? The
grunt work? The annoying stuff you’re doing now? Of course not. You are
the face of your business. Your job is to meet the clients, close the
big deals, and rake in the dough.
What kind of revenue do you want in your business?
Think BIG again. And don’t say 20% better than now. What are the
possibilities five to ten years from now?
Mistake #3 - Weak goals
A business plan without detailed goals is like a
ship without a rudder. The business becomes directionless without a
purpose. You, as the business owner must have goals for every facet of
your business. What I often see is a 5 year revenue goal, but no
monthly and yearly goals to lead up to the finale. I see very few
business plans with client goals, professional goals, and personal
goals. How many new clients do you want each month? What are the
revenue goals for your products or services? What information products
do you want to produce in the future? Having goals in life is what
drives successful people. What are your goals?
Mistake #4 - Not
focusing on Marketing and Branding
It’s really easy to get into statistics, theory,
and hyperbole in a business plan. I say “Show me the money!” What are
you going to do to bring in the dough? Any business plan worth the
paper it’s printed on should have a significant marketing and branding
section. Take a look at your vision and decide what marketing actions
you need to take to close the gap between where you are now and where
you want to be in five to ten years.
If you want to stand out in the crowded
marketplace, you’ll also need to create a strong brand and continue
working on it going forward. Invest in yourself and get a
professionally designed corporate identity complete with tagline,
website, four-color business cards, and the like. No one wants to do
business with someone who doesn’t look professional. So get rid of the
dull boring business image and kick it up a notch.
Mistake #5 – Not working the plan
Why do you write a business plan if you are going
to put it away in a drawer somewhere? You need to keep the plan
visible. You need to review the plan on a weekly basis. You need to be
asking yourself “What now?” at least weekly. You need to make sure you
are getting results. No matter how brilliant the plan, you must take
action to get results. You do this by reviewing your plan, checking the
marketing activities for results, and asking “What bigger projects do I
need to tackle to get closer to the big Vision?” Then you ask yourself
if the direction needs to change. If so, it’s time to re-write your
plan.
Traditional thirty-page business plans are not
always useful for entrepreneurs. They can be overly technical and may
not provide the accountability needed. I have created a business plan
system for entrepreneurs and independent professionals that may fit the
bill: The
Two Page Mini Business Plan™. This system incorporates Goal
Setting, and heavy Branding and Marketing with My Success Book - a
built-in Daily Action Planner to encourage accountability and results.
This may be just the system you need to get where you want to go.
©Copyright 2008- Suzanne Muusers - All Rights
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About the Author
Suzanne Muusers is a Business Coach and Business
Expert based in Scottsdale, Arizona. She is a credentialed member of
the International Coach Federation and has owned or managed a business
every year since 1981. She is the creator of The Two Page Mini Business
Plan™, The Six Step Guide to Creating a Business Plan That's Short,
Easy, and Gets Results! Visit her site:
http://www.prosperitycoaching.biz
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