Edmonton Business Consultant | Building a Solid Business Plan
Businesses that do have a business plan are much more likely to succeed and grow their revenue than businesses who don’t, says Edmonton business consultant. Business owners who do not have a business plan are failing their business by not planning. It could be that they are overwhelmed with what to include in a business plan. Or business owners who have a business plan simply don’t look at them on a regular basis and that says that is not having one at all is well. Creating a business plan doesn’t have to be a daunting task, if you remember the three things to include in your business plan, your business can see the benefits as well. Business plans should alleviate three common pain points that business owners see. But these three pain points in your business plan, and will be able to overcome those issues much easier than if you don’t plan for them.
The first pain point to address in your business plan is having a concrete HR strategy. A solid business plan will have plans in place for finding the right team, and keeping them once you have them. Don’t fall into the trap that business owners often fall into by only interviewing candidates when there is a need to be filled, that’s often too late. Minimize the downtime between when an employee leaves, and when to hire a new one by always be interviewing potential candidates. When an employee leaves you will already have the name of several potential candidates that can fill that spot.
The next item to put in your business plan will be a marketing strategy. The inability to attract new clients is one of the most common failures businesses see. We should easily be able to identify who your ideal clients are, when you know who they are you will be able to come up with strategies on how to market to them. Assuming that months you have clients, they will never leave is another pitfall. Client retention strategies are an important part of your marketing strategy. Attrition will always happen in business, and your competitors are also marketing, so coming up with a way to keep your customers will go a long way in your business plan.
The thirds she to address in your business plan says Edmonton business consultant is to include cash flow projections. Cash flow issues can be a problem in any business, and are easily avoided with the right planning. Best practices say to have a conservative cash flow projection, to take into consideration unavoidable circumstances within your business such as your equipment failing, or supply chain issues. It’s much easier to adjust your business plan if you have planned conservatively and reached your goals.
If you implement these three items in your business plan you will increase your odds of success. And there’s no need to spend dozens of hours at its. Put four hours of thought toward these three common problems in your business plan, and review your plan often in the coming year. Four hours throughout your year is enough time to review your plan and readjust your goals.
Edmonton business consultant | building a solid business plan
Building a solid business plan may sound daunting, but following these easy steps from Edmonton business consultant will help you put your best plan forward. Addressing three common problems business owners face, your business plan will help you succeed in business and more likely to grow your revenue. As Benjamin Franklin said if you fail to plan you’re planning to fail.
First important thing to include in your business plan is cash flow projections cash flow projections will help you see where your business has been, and where it’s going in the future. As your business grows, you will need cash to help you scale up. Without a plan in place you won’t have the money necessary to help your business grow the way you want to. Best practices are to have conservative cash flow projections, as it’s easier to change your goals as you achieve them than it is to readjust your goals if you fall short.
The next important point to include in your business plan is a great HR strategy plan out how to recruit and retain team members and avoid the stop and start method of only looking when you have an immediate need. By always keeping your eye out for great talent, you will eliminate the time it takes from an employee leaves to and you have a new team member joining. Great company culture is deliberate.
The thirds importance item to include in your business plan is your marketing plan. The number one issue businesses face is a failure to attract new revenue. This is completely avoidable with the proper plan in place. Identify your best clients, and come up with strategies on how to find them and keep them.
Once you know these three points to include in your business plan, you only will need to spend four hours thinking them through. Most business owners are mistaken when they think they have to and consider every single variable that may have been in their business. This is not true, all they need to do is plan for these three important items, and that will help them through any of the variables that may have been in their business. Since business owners are the subject matter experts of their own business, four hours is more than enough time to come up with a great plan. Rather than spending lots of time building the plan, take that time and spread it out over the next year to review your plan. The insights that you will have in your plan in year two and three and four are much more valuable than the insights you have today. Don’t forget no matter how much time you spend on it your business plan is still just a plan, be open to change.