Edmonton Business Consultant | Business Plans Are the Key to Success
Edmonton business consultant say that one of the main reasons that businesses fail today in business, is they run out of money. Even when business looks to be going really good business owners without a business plan in place are more likely to run into cash flow issues which can lead to business failure. Businesses that appear successful, but are without a plan are setting themselves up to fail. With a little bit of planning upfront to build a proper business plan, and regular reviews of that business plan can help business owners avoid this common pitfall. Having a business plan place want to ensure you won’t run into problems but it will make you as prepared as possible for the problems that you do run into.
In addition to this common pitfall there are other reasons that businesses fail that are completely avoidable and can be addressed in a business plan. Another one of these common problems is that business owners fail to have a plan in place to attract the right staff. That the right staff in place it’s hard to drive your vision forward and once you have the right people in place not having a plan in place on how to keep them is another reason why business owners run into problems. It’s very easy to outline your HR strategies in a business plan. Edmonton business coach likes to say that planning to have the best people is paramount to success in business, all it takes is a little thought ahead of time.
Business owners today think that all customers are their best customers, but this isn’t true. Edmonton business consultant assures us that a great business plan will enable you to outline who your best customers are, how to find them and once you have them how to keep them. Your best customers will be your biggest fans, and your best brand ambassadors. Not every person is going to be the best customer for you. If your restaurant, not everybody is going to love your menu, or can eat your food. Once you know your target market you’re better able to sell your products. Once you know how to find and keep your best customers their way ahead of your competitors who haven’t plans to find their customers.
Now it’s not possible to predict all future problems in your business plan, there will always be things that happen that are not predictable and are out of your control. Acts of God, economic slowdowns, major illnesses are just a few of the unpredictable events that can happen that you can’t cover off in a business plan but Edmonton business consultant says that if you are able to alleviate the three most common pain points all businesses have, you are farther ahead than if you have no plan at all. B businesses who have any business plan in place are 50% more likely to grow their revenue and succeed in businesses who have no plan at all.
Edmonton business consultant | business plans are the key to success
Business plans are the key to success says Edmonton business consultant, where for hours of thought into a any business plan will make you 50% more successful and more likely to grow your revenue and businesses who have no plan at all. The great business plan will address three major pain points that all businesses face make you more prepared to overcome them and grow your business and those without a business plan.
Even it’s not possible to address all potential future events and a business plan, it is possible to address the three most common pain points businesses face. The three most common pain points are:
Number one business owners who don’t have a concrete’s HR strategy, don’t have a plan in place for hiring or retaining their staff. Without the right staff in place it’s hard to drive your business forward. Having the right staff includes hiring your ideal team, and then keeping them. Adjusting this in your business plan will help you develop attraction and retention strategies to ensure have the best team possible to help you build your business and succeed in the future.
Number two business owners who do not have a plan in place are more likely to run out of cash. Edmonton business consultant points out that not having cash flow projections in place makes a business unable to see where they’ve come from, and see where they are going to be in the future. Having your cash flow projections in your business plan and regular reviews of that plan will help you to see trends, and make plans for future. Without this plan in place you’re setting yourself up for failure.
Number three is not having customers. You have to know who your customers are, and how they shop, so you can find them. By outlining your best customers in your business plan, you can develop a strategy for finding those customers and ensuring is customers find you. Not every person is going to be your customer, and business owners make this mistake of thinking everyone is their customer. Edmonton business consultant’s advice is to find your biggest fans and then have a plan in place for how to keep them.
How much time should you spend on your business plan? Edmonton business consultant cautions us not to spend hundreds of hours on a plan, it’s better to have a plan in place, and then regularly review and update it. You should spend four hours to build your business plan, making sure that you have addressed these three common pain points. But once you have the plan in place don’t put it on the shelf and leave it there, ensure that your regularly reviewing its and updating its. Four hours a year once your plan is in place is enough time to ensure that your business plan is being followed.