Business Focus:
Writing a Business Plan:

Writing a business plan or reviewing business plans is where most business coaches will start working with their clients. The reason for this is to give you and your business focus. A clearly focused vision and strategy is critical for business success.

Business Coaching Insight:

If you don't have a clear strategy for your business, it won't be clear to anyone else either

Most entrepreneurs and business owners have a general idea in their heads about what direction they want to take with their business.

However, until you actually sit down and start putting it down on paper, it's just a general idea and not a plan.

A well formulated strategy and goals is essential for business success. And, you will achieve your goals much quicker.

While it can seem like an overwhelming task to write a business plan, it really doesn't need to be complicated.

Even if your business plan only contains one page of your goals, it will serve you much better than the mental plan you keep in your head.

What is a business plan?

In a nutshell a business plan is a formal (and written down) statement of your goals for your business and how you intend achieving them.

If you're applying for finance the lending institutions will expect a thorough and well thought out plan with a lot of detail. However, if you're not applying for finance you can create a business plan however you like as long as it works for you.

It needs to be something that you use as a working document and refer to, so make it any way you like.

The key point about writing a business plan is that the process makes you think about what direction to take your business and how you're going to get there.

The barest essentials that you need are an overall vision of what you want to achieve and some business goals.

Why you need a business plan

The key reason any business owner needs to commit to writing a business plan is because you are much more likely to succeed with one than without one.

Business owners who commit to writing a business plan reach their goals much faster than people who don't. Without one it's too easy to get distracted by the everyday activities involved in running a business.

Business Coaching Questions:

  • What is your vision for your business in 5 years time?
  • What is your strategy for getting there?
  • What do you see yourself doing in 5 years?

Business Plans: Why They Should Be Simple and Workable

Your business plan is the most important document in your business and should be reviewed as circumstances change to keep you focused and motivated.

Business Plan Format: More Formal Versions for Finance Applications

These are the usual components of a business plan template. If you are applying for finance you will need to complete a more detailed business plan - nobody will lend you money unless you can prove that you are well researched and prepared. However, if it's just for your own use, you probably don't need to go in to this level of detail.

Short Business Plans: A Simple One-Pager

It is possible to capture the essence of your business vision, strategies and goals on one page. Here is an outline of the key pieces of information you should include.

Vision Statements: What They Are and Their Purpose

The vision statement encompasses the big picture of why you're in business and where you want it to be in the future. It is the starting point of the business planning process and your motivation for getting up in the morning.

Mission Statements: The 'How' Statement

Many people get confused about the difference between a mission statement and a vision statement. The mission statement bridges the gap between the lofty ideals of your vision and your detailed goals.

SWOT Analysis: Simple & Effective Business Analysis

Find out how to do a quick and easy analysis of your market position with this framework

Goal Setting: Making Them Work

Use these simple tips for setting goals to create goals that work.

SMART Goals: How to Set Effective Business Goals

Setting business goals is an important part of the business coaching process - this is where ideas start to turn in to action. If you're not sure where to start, read this example of how goal setting applies in business.

Goal Setting: Why Setting Goals is so Important

Find out more about why setting goals is so important for business owners

Business Partnerships: Reviewing Goals and Plans

It's especially important for business partners to have open communication about their own personal goals in relation to the business. Annual goal setting meetings are a good opportunity to check that everyone is still on the same page.

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