A business plan/framework is an essential document for you if you’re starting a new business; it’s actually quite critical to your success.
But, more than that, it should outline how your business will generate revenue to cover expenses and make a profit.
In addition, writing down long and short-term goals helps you keep track of your progress, or non-progress. If the latter, it allows you to course correct.
Long and Short-Term Goals
An effective way is to write out your business plan/framework and separate it into 3-months, 6-months, one year, five years and even ten-years blocks of time.
While the thought of writing out long-term blocks of time may be daunting and overwhelming, having something tangible to refer to, rather than clogging up your head will help you to see the ‘big picture,’ so you can approach each step in a logical way to achieve the outcome you set for yourself.
Start with your ten-year goals and work backwards to identify how you can reach your larger goals by completing the smaller ones.
Some of the things that should be addressed include, vision for your business, mission, objectives personal and sales goals, pricing, net profit goals, advertising campaigns, customers/clients reach, number of employees (whether permanent or freelance), and other investments you may want to make in the future.
Bear in mind your business plan/framework doesn’t have to be a tome. Would you be surprised to know that you can outline your business using a simple 1-page business plan?
Yes, you can. And you can access a free template here.
When you know your goals and the outcome you want to achieve, it’s much easier to decide what steps you need to take to make it a reality.
There’s a lot to be said for designing a plan/framework to attain your goals, outcome and overall vision.
Invest In A Coach
It’s not enough to want to do well, you must take action and do the work. A good intention is meaningless unless it’s followed by intentional action.
Even after writing up a thorough business plan/framework, it’s not worth anything if you don’t execute it.
A coach can guide you through the steps, keep you accountable, give you an outsider’s opinion, help you clarify your goals, as well as offer unbiased suggestions on how to achieve those goals and other options to start and, or, elevate your business.
With the high failure rates of new businesses, proper planning to set up the foundation and a coach to guide you will prove vital to your success.
Click here to schedule your ‘One Question, One Solution’ (1Q1S) 20-minutes call, where you can ask me one question that’s driving you nuts! You’ll leave the session with key ideas and, or resources/recommendations for your biz startup or growth.
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© Cherry-Ann Carew
Cherry-Ann Carew is an Online Business Coach, who supports emerging business owners simplify their start-up journey and helps existing businesses scale, so that they can earn uncapped income and live life on their terms.
PS. Get your 1-page business plan here.
Photos courtesy of nappy and fauxels from Pexels