Jodc

What does a business plan have to do with time management?

Better management of your time begins with planning. Is a written business plan in your files or only an idea in your head?

By developing a business plan you are developing a ready position for success. When you have a plan, your focus streamlines towards business goals rather than making fear based decisions that take away time, money, and opportunity.

Many people have no idea where to start creating a business plan. This can be overwhelming, and many solo business owners launch their businesses without one.

This simplified version will get you started. Remember, your business plan must be totally yours.

These 5 Steps will Help You Create Your Business Plan

Step 1: Create a Vision into a Powerful Summary

This is the most IMPORTANT section of your plan. Answering the following questions will help put your summary together.

1. What is the primary focus of your business?

2. What goals and vision do you hold for your business?

3. Who will operate your business and what qualifications do they need? Write down the tasks and jobs required to run your business, even if you are going solo. Writing this down will propel you into the next step.

4. What market are you targeting?

5. What is the difference between your business and the competition?

6. Why would somebody want your product or service?

Step 2: Who will Manage the Business?

This step elaborates on question 3 above. It will help you determine your future staff and business needs.

1. Will you bring in a partner, use independent contractors, or hire a key person to fill those gaps?

2. Who will these people be?

3. Why are you choosing them?

4. Who will you consult to help guide you in your business?

Step 3: Your Marketing Plan

1. Where will you find your customers?

2. How will you reach your consumers?

3. Who is your ideal buyer? Describe him in detail.

Step 4: Seek Out Your Competition

Everyone has them. If you truly are unique in your product and approach (and that’s highly unlikely) competition will soon appear.

Where will you find out about your competitor?

1. The Internet is an excellent resource to research your competitor. Use the search engines to locate them. Visit their sites. Read their company policies, about page etc. Do they offer a newsletter? Subscribe to it.

2. Pose as a potential client and create a list of questions for the competition, conduct an interview, request materials, and evaluate marketing materials.

3. Don’t forget your public library.

Step 5: Your Financial Report

1. Calculate your start up cost.

2. What will be your operating expenses?

3. Sales: How will expenses be covered? What marketing strategies will be implemented? How will initial investments be recouped? How will salary be drawn? Business expansion?

4. How will cash flow problems be taken care in your business?

This is a very simple basic plan to get you started. You may need a more detailed one as your business progresses or if you seek capital investment.

After you complete these steps, type your responses and put them into a binder. Read it often. Put time into your schedule to review it, then add items or modify it when it’s necessary.

Your business success relies on a road map called your business plan. The plan is a critical starting point because it will lay out your goals. Better to aim at a sure target than shoot wildly into the sky hoping to hit something. If you don’t have a business plan, use these steps and get started today.