Your Business Plan – are you on track?
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A Business Plan is a road map for your business. It tells you where you are now, where you want to go and how to get there.
However, many people go into business without doing any planning at all. They open their doors and hope for success. Without any plans in place as to how to get there, is it any surprise that they often don’t?
A good business plan is your map for success. It’s not a heavy tome that’s prepared for the bank and sits on the shelf gathering dust. It’s an action plan of the things to do and the results to aim for. Let me ask you this? When did you last look at your business plan?
A review process is essential
Set a schedule of when you are going to conduct your reviews – and stick to it!
Remember to include management staff and key team members. This fosters collaboration and can provide unique insights that only those with specific expertise can offer.
Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). This will help to identify opportunities and challenges.
Key points to consider when reviewing your business plan.
Look at your KPI’s:
- Revenue Growth and stability
- Customer Satisfaction including tracking feedback and repeat customers
- Market demand for your product or services
- Actual versus projected financial performance
Be clear in your goals and set attainable targets
Track progress and hold those responsible accountable.
Don’t be afraid to adapt.
Most importantly – make sure you take action. Planning is pointless unless you actively push towards your goals.
Talk to our expert staff If you would like to learn more about creating and implementing a clear business plan.
Karaco