If you fail to plan, you plan to fail! It would be hard to argue against that statement, and yet many of us still fail to invest the time, energy and effort required for effective business planning!
Answering the underlying questions will give you the foundation you need to start building a plan which not only makes sense to you, but will help you communicate to others what you are all about, and where you are taking your business.
- What business are we in?
- Who are our customers?
- What do they want, need and expect from us?
- How do we make our Products and Services available?
- Who is our competition?
- What advantages do we have over our competition?
- What advantages do our competitors have over us?
- What do our competitors do that we don’t do?
- What do we do that our competitors don’t do?
- Who are the owners of the business and what are their roles and strengths?
- Who are the managers of the business and what are their responsibilities?
- What financial information do we have available and when?
- What financial information do we need?
- What changes will take place in our type of business over the next two or three years?
- What are our company’s current problems and/or desired goals?
- By taking the time to address any (preferably all) of the above, you are part of a very small minority of business owners who have realised that information is power – the power of knowledge and confidence, placing you in a much better position to guide your business to success.
For more tips or advice on business planning, get in touch with the Business Navigation Services today.