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.
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.
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:
Your business plan is the most important document in your business and should be reviewed as circumstances change to keep you focused and motivated.
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.
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.
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.
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.
Find out how to do a quick and easy analysis of your market position with this framework
Use these simple tips for setting goals to create goals that work.
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.
Find out more about why setting goals is so important for business owners
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.