Securing Your Business with a Plan
December 28, 2022
Having a business plan has always been important but often gets shoved to the wayside (50% or more of businesses don’t have a business plan). Check out our easy approach to securing your business with a solid plan!
Define Your Goals & Then Roadmap Them
Any business owner understands to expect the unexpected but that doesn’t mean to heck with the plans (and contingency plans). It’s essential to plan for the knowns and unknowns, develop a strategy, and put it in a blueprint or roadmap. But you also have to know the direction you’re headed and what exactly you want to accomplish. Whether a startup or an established business, your goals and roadmap act as your north star.
Unleash Your SWOT Team
Your designated SWOT team’s goal is to identify strengths, weaknesses, opportunities, and threats. This is the part where you get to be brutally honest with yourselves. Don’t sell yourself short! Develop your business plan based on existing conditions via a thorough analysis including strengths and weaknesses. After determining your strengths and weaknesses, look for opportunities for improvement and what threats may be caused due to those areas for improvement. Don’t forget to include your stakeholders to help you get the complete picture.
Structure, Run & Grow
A written plan helps business owners structure (or re-structure), run, and grow their businesses. Involving stakeholders and even department heads, managers, and other key employees allow for a fresh look so things don’t become stagnant. PRO TIP: Check with your newest employees for a fresh perspective. Engaging everyone means a higher percentage of your staff will be more invested in the new plan.
Back to being brutally honest, don’t leave any thought or idea unspoken. Things to consider: sales, expansion, profits, geographical footprint, fuel increases, cost of living/wage increases, the anti-work movement (how to make yourself more attractive), and additional equipment for remote and hybrid workers. PRO TIP: Build a cash reserve (if you haven’t already).
Final – & Future – Thoughts
Don’t leave your thoughts roaming the hallways of your head, write your business plan out. Whether you make it a lean, one-page business plan or a longer, more traditional one, don’t forget those often overlooked areas such as securing your assets, employee and customer safety, and theft (internal and external). With all this planning that will lead to preparedness and wise decisions, your business will be well-positioned to attract the right people. Think funders, investors, new partners, etc. This is business growth at its best!