I’ve been writing a series of posts on business plans – why you need one, how to write one, the importance of mission and vision, etc. I wanted to talk about it on the podcast because it’s a topic that comes up all the time.
If you’re starting a new business, creating a new division in your company or launching a new product, you need to know the ins and outs and be able to explain every detail of the new venture. Many entrepreneurs write a business plan for an investor, which I don’t recommend. Instead, I think a business plan should exist to answer questions like:
- What are the start-up costs?
- What’s the viability of the product, service or company?
- Define the product, services, customers and competition.
- What’s the vision? Where are we going and what does it look like when we get there?
- What’s the mission? When, why and how are we going to accomplish the mission?
- What are the goals? Goal setting isn’t dreaming. Goal setting is the actual plan and steps to accomplish the vision.
- What’s the selling strategy? What are we selling and who are we selling to?
- What’s the marketing platform? Who’s the right customer? Do we understand the customer? What kind of market research has been done?
- Who’s doing the work? Are you utilizing sub-contractors or hiring employees?
- What is your budget? Do you have a sample profit and loss for the next 90 days, 6 months, and year?
These are all important questions you must answer and understand. Once that information is outlined and in place, then you can move forward. If you would like help with the process or anything else when it comes to operating your business, check out the Work With Me tab and go to the Coaching page. We can schedule a time to get together over Skype or in person if you’re in the Nashville area.