Edmonton Business Consultant | How to Write Your Business Plan
One of the biggest mistakes an entrepreneur can make in writing their business plan, is failing to write one at all says Edmonton business consultant. Businesses that complete the business plan are 50% more likely to grow their business then those with no business plan. That is reason enough to take the time to create a business plan. Whether you have been in business for years, you have a business plan but you havenít looked at it in several years, or you are brand-new in business it is never too late to create a business plan. Business plan is a roadmap for how you will conduct business. It is not a book of every potential situation that may arise in your business. As long as you address three main problems that businesses face within your business plan, your business plan will help you and running and growing your business.
One major problem that business owners said was their largest problem, was the inability to generate new revenue. Whether they were and a great location and didnít need to try to attract new customers, relied on word-of-mouth, this is not an effective strategy and growing your business. Coming up with a comprehensive sales and marketing plan is paramount in planning to grow your business. The first step in your marketing plan is identifying who your target market is. Make a list of your most ideal clients, where you find them, and why they would come see you for your product or service. Once you know your ideal client, come up with the plan for consistently reaching out to them on a regular basis. Include a sales strategy in this will allow your business to constantly be searching for new customers.
Another problem that business owners identified was the inability to find the right team. But have a strategy in place most businesses only start looking for employees when they have a job opening, which is often too late. Waiting until you have a need leads to downtime within your business. Most businesses want to replace that employee as soon as possible which can leave them feeling rushed, and when rushed, it may not make the best decision. They may hire a less than ideal candidate because they felt they were out of time. Edmonton business consultant recommends searching for staff regularly whether there is a need or not, therefore when you have a need arise youíre ready you with people already in the pipeline to fill that need. You also will be able to identify the best fit for your business, and be able to fill that spot with the best possible person.
The third main problem business owners face in business today is running out of cash. This can kill your business, and 29% of all business owners identified this as their main problem. Without a positive cash flow at the right time, businesses and able to hire the right staff, order raw materials for a large contract, or even move their business to a new and bigger location. Creating cash flow projections for your business plan will help you plan for future growth effectively. Edmonton business consultant recommends consulting your accountant if you need help with this.
Remember that this plan is just a plan, review it on a regular basis and understand its limitations once you implement the plan see how the markets, employees, and customers receive it.
Edmonton business consultant | how to write your business plan
There are several things to take into consideration when writing your business plan says Edmonton business consultant. Spending too much time on it, not answering the right questions, and not reviewing it regularly are some of those things. Writing an effective business plan will enable your business to be 50% more likely to succeed in business and grow your revenue.
Businesses that are unable to generate new revenue are unable to grow their business. In your business plan come up with a strategy to help you generate new revenue. Creating a great sales and marketing plan will be instrumental and how you grow your business. Donít just identify who your clients are, but identify who your most ideal client is, and is your marketing efforts on those people. Once you figure out how to effectively market to them on a regular basis, come up with a strategy on how to not only retain them as clients, but upsell to them as well. Happy clients are repeat clients.
Not having the right team in place is in another challenge businesses face. 23% of all businesses surveyed identified this as their major challenge. Great teams donít happen by accident, a great plan on best hiring practices, employee retention strategies and training will go a long way in helping create the company culture that you want. If you need help with this part of your plan please see Edmonton business consultant for help.
The third and biggest challenge that businesses identified is running out of cash, or not having a positive cash flow when needed. In order to grow your business youíre going to need money, whether itís buying more equipment, buying raw materials for a new contract, mood and locations. Without a proper plan in place freeing up the money when you need it as soon as you need it is almost impossible. Best practices are to contact your accountant who will take your business plan in your vision to create conservative cash flow projections for your business plan. Remember it is possible for cash flow projections to me off in your business plan, this is okay because a business plan is just a roadmap. Regular reviews of your business plan will help you stay on track, and have the money you need when you need it.
Since business owners are the experts in their business, four hours of careful consideration should be more than enough time to get the most important information into business plan.