Tag Archives: Business plan

How to conduct your small business annual review

If you haven’t already thought about what you want your business to achieve in 2025, now is the time to review the past year, so you can plan for next year.

It’s a bit like having your annual performance review when you work for an employer, only you conduct it on your small business. When you run your own business, you need to keep track of so many things, it’s normal for things to sometimes slide. But as we are getting close to the end of 2024, it’s important to be thinking about what your goals will be for next year and how you’re going to achieve that. But you can’t do that until you know how you’ve done this year.

Your business performance review should cover everything your business has been through over the past 12 months and include your successes as well as those not so successful moments.

Look at your 2024 goals

Did you write down your goals last year? If you did, did you achieve what you set out to do?

This is the time to look at both your short term goals for last year – and the more long-term goals to see where you are. You could ask questions such as:

  • What went well in 2024?
  • What challenges did you face?
  • What didn’t go so well?
  • What did you learn from the things that didn’t go so well?
  • Did you learn any new skills or take any courses?
  • How can you repeat the successes you had for next year?
  • How can you avoid any mistakes you made this year?

If you employ anyone, such as VA, it’s time to have a conversation with them and ask them the same questions. You can brainstorm ideas, give, and receive constructive criticism for improvements and come up with a few good goals for 2025.

Look at your business practices

All of us small business owners offer either a service or products to our customers. This is the time to look at how your business practices are working…and if you are aiming all your sales/content etc. to the right audience.

  • Look at your customers. Do you know what your customers’ pain points are? Do you know what your customers’ needs are?
    Once you know this, you can identify how your business is going to provide solutions.
  • Are you giving your customers a good service? If you set your standards high at the beginning of the year, are you still delivering the same standard of service at the end of the year?
  • Are your products or services good value for money?
  • Look at feedback and reviews from your customers so you can identify what products or services were most popular and why.
    If you can identify why a particular product or service is so popular, you can look at how you can replicate that in 2025.

Look at the financials

We all hate looking at our figures, but it’s important to make financial evaluations to determine where you are…if you’re making a profit etc.

Cash flow is the obvious one. You take money in; you pay money out. Sales and expenses are important to understand how you’ve done this year. Compare your sales and expenses to the previous year and see where there are improvements, or losses. Doing this, you’ll be able to have an idea of what you might be able to do next year.

What do you pay out? All businesses must pay out to buy materials, stock, stationery etc. Are you getting the best deals for those items? Have they increased in price this year? Do you need to take that into account for next year? You might need to raise or lower your prices to compensate.

Look at your business insurance. This is often overlooked. Does it cover you for everything you need to be covered for or do you need to have a conversation with your financial adviser?

Are all your relevant licenses and safety certificates up to date?

Expansion – As your business grows, you may have to think about expansion. Do you need to take on an assistant? Do you need bigger premises? Do you need to have a larger stock to cover your increasing client base?

If you are expanding quickly, now is the time to be thinking about employing an accountant ready for those all important, but pain in the wotsit tax returns.

Look at all your social media data

This might seem obvious, but if you’re on social media, it’s really important to look at all your insights for the year. Here are the areas that are worth looking at:

Engagement – yes, you might be getting loads of ‘likes’ on your content, but does it actually get followers to click on your website, or your profile. And do you get sales from those clicks?

You can use this information to help you look at your marketing strategy for next year.

Location – you can see where your followers are from in your insights. We often assume our most engaged followers are local and buy from us. You might be surprised…and if you find you have a following from another country or area, you can customise your content accordingly.

Feedback/Reviews – You will be able to see if any customers have left reviews or feedback on social media, but what about all the other people you’ve sold to this year. If you haven’t had complaints from them, you can assume that they must have been happy with your product or services. You could send out a survey to ask questions about your products or services. If a customer has bought a specific item, ask them what they liked about it. If you put a clause in the survey to say that you can use comments on your website or for promotion – any complimentary reviews you get, you can use. (I still always check if it’s OK to use anyway, but worth including the wording.)

You could offer an incentive to reply, such a 10% off voucher to use in January. This is a brilliant way to get more replies as people just love getting something for nothing – a freebie or money-off voucher.

Take note of any feedback you get and act upon it. If there is a criticism, ask more questions so you can understand what a problem might be – you may be able to solve it simply and quickly with a tweak to your products or services.

Visibility – Where did your customers find you? Did they discover your business on social media? Did they come across you on a Google Search? Was it a personal referral or something else?

This is useful data as you know which areas to work on and you can see which area works best. Every business is different, so what works well for one, won’t work well for another.

Market analysis   

When you first started in business, did you do a business plan or marketing plan? If you did, you will have conducted research into your ideal market. However, this can change so quickly, so it’s always worth including this in your review.

  • This is where you’ll look at your customers’ needs and how you can best serve them. Have your customers’ needs changed since the last time you looked?
  • Look at your existing customers – what do they like/dislike. Is there something they need that you can supply – or do they have a problem that you can solve?

Check out your competitors

This is always worth doing to see what they are up to and how you can compete.

  • Can you offer something unique, that they don’t offer?
  • Is your customer service up to scratch?
  • Look at why your customers choose you over your competitors and make sure you include something around this advantage in your marketing plan for next year.

Celebrate your successes

The point of doing a review is to find out how your business has done against the plans and goals you set. But it’s also important to celebrate all your hard work. Shout about any wins you’ve had and let your customers know how successful your business has been.

You could share the highlights of your year in a social media post for example. Then also give your audience a little teaser about what’s to come in the New Year.

Your 2025 strategy

Once you have completed your 2024 review and have all the data, you’ll be in a better position to know what works well for your business and what doesn’t.

With this in mind, you can now go on to plan your business and marketing strategy for 2025.

If you have some big or challenging goals you want to aim for, why not think about breaking them down into more manageable chunks?

Good luck with your marketing planning and strategy. If you would like coaching on setting up your strategy for next year, feel free to contact me.

Supercharge your customer touchpoints

This sounds like just another one of those buzz word things – so what am I talking about?

Every business wants their customers to be happy with the service and experience they receive. But, unless you have your customers in mind at every single touch point, you could be missing out on some great opportunities to delight them and keep them coming back for more.

What is a touchpoint? According to SurveyMonkey, the definition of a touchpoint is “…any time a customer or potential customer comes into contact with your brand…before, during or after they purchase something from you”

You may have great products, delivered on time and with a smile, but if your advertising isn’t on target, or they receive billing mistakes, or have to deal with a clumsy and clunky website, you can scare your customers away. Luckily, these touchpoints are easily fixed and within our control.

Let’s take a look at the general touchpoints a customer will come across…these are just some examples.

Before a sale – Social Media sites, Website, Customer reviews, Advertising/Marketing.

During a sale – Shop or office, Catalogue, Phone.

After a sale – Billing, Emails, Newsletter

Make a list of the touchpoints your customers have with you, then look at them in turn, e.g. your website…is it easy to navigate? Do the tabs point to the right things? Do the links work? Are you easy to contact? Do customers get a quick reply if they do contact you?

Supercharge your touchpoints

Now it’s time to supercharge your touchpoints for a better customer experience.

Personal touch – Try and speak to a customer wherever you can as most people like to be treated as individuals. I prefer to speak to a real person, not an automated service as I can ask questions and, if there is something I don’t understand, I can simply ask. It is also easier to build a relationship with your customers if you actually take the time to talk to them, as it makes them feel valued. They will feel that they are important to you and your business, that their custom is appreciated and that their opinion matters.

Consistent Service levels – Be consistent across all your dealings with customers, not just on the phone. You have won their custom and now it is time to build their loyalty and gain that all important customer satisfaction. So, not only ensure that you give excellent customer service on the telephone, ensure that they receive the same experience if they email you, such as a prompt reply, with the answer or solution they want wherever possible.

Know your customers – Know what your customers want and who they are. If you can solve a problem for a customer, do it…they will always remember that you went that extra mile…and will recommend you to family and friends. Something that you did this year that went really well, might not work next year – never make assumptions where your customers are concerned. One of the simplest ways to know what your customers want is to ask them. This could be via a courtesy phone call (but be careful not to be a nuisance), via a short survey or hold an event, where you can interact directly with your customers and they can see who you are and meet you properly.

Resolve any mistakes – If you make a mistake, own up to it and put it right quickly. Don’t blame anyone else, just resolve it and offer some kind of compensation, such as 10% off their next order. The four step system is a good way to deal with complaints.

Listen to the complaint…don’t argue or put the blame on someone else – the customer doesn’t want to hear this – he/she just wants you to listen to what they have to say.

Acknowledge the complaint – let the customer know that you understand their complaint by relaying it back to them. This not only shows that you have been listening but gives hope that something will be done. Thank them for bringing the situation to your attention and assure them that something will be done.

Solve the complaint – if you can, resolve the issue, keeping the customer informed along the way. In the first instance, after you have acknowledged the complaint, say that you will look into it and will get back to them within 24 hours – even if you haven’t resolved the problem yet, ring them within 24 hours to let them know what’s happening. Keeping them informed every step of the way is very important in keeping that customer in future and lets them know that they are a valued customer.

Thank them – you have already done this when you acknowledged the complaint but do it again. If the issue has taken or is like to take a long time to resolve, maybe offer them some kind of compensation – a money-off voucher or a free gift.

Appreciate your customers – Let your customers know they are valued, e.g. send regular customers a ‘thank you’ card, or give them a money off voucher for being loyal, or ask if they’d like their purchases gift-wrapped.

It’s also really crucial to look past the sale…once your customer has bought something from you, don’t make it the last time they hear from you…follow up the sale and ask how they are getting on with the product. Are they happy with it? Do they think it could be improved? Do they have any questions about that or any other product that you sell? They may tell you about a problem they have that you can solve for them, or give you an idea for a new product.

If your customers are really happy with the goods and/or services they receive from you, ask them if they could write a short review, either on your Facebook page or on your website…or if they prefer, they can send to you on email. Ask if it’s OK to share their review with other customers and potential customers.

Whether your business is a huge concern, or just a one-man/woman team, excellent customer service must be at the heart of everything you do. It can take extra time and resources, time and money, but good customer service leads directly to customer satisfaction, which can generate great business for you via word of mouth. It can also you’re your business thrive and ultimately be a success. Never underestimate the power of good customer service – it’s your businesses life-blood.

Please feel free to email me if you have any questions or need any help with your marketing. I offer a free discovery call to discuss your business and how I can help.

Does Goal Setting leave you feeling lost?

If you have your own business, your business goals for next year should already be set, so you’re ready to make a good start after the holiday season, but if you haven’t got round to it yet, maybe this will help you think about them!

A goal without a plan is just a wish

Every January, I used to set myself resolutions – the usual kind of thing, lose weight; get fitter.

But by the end of January, they were usually all but forgotten, so I don’t tend to do that any more. I’m still aware of the personal things I want to do, but I don’t put the pressure on like I used to.

But with business, I feel I can’t afford to be so blasé – a planned business with structured goals will always be more successful, and reviewing your plans on a regular basis gives you the chance to pick up on anything that is going wrong at an earlier stage.

So where do you start? There are 4 areas to think about….

What is your Mission Statement?

This is a statement that includes what your business is, who you’re selling to, what you’re selling and what is your unique selling proposition that makes you stand out from the crowd?

For example, if you run a dog sitting service in your own home, you might say…

“All dogs in our care live in our house in a safe and secure environment, and are treated as part of our family. We are happy to administer any medication and provide a loving and attentive service to your much loved pet.”

What are your business goals?

Think about where you want your business to be by this time next year. By which percentage do you wish to grow and how many customers do you expect to have? Make sure you have at least one goal that relates to your mission statement and one that links to the financial position of your business.

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Goals need to be SMART….

Specific – for example, my New Year’s Resolution, “I want to get fitter.” This is too vague. Being more specific, I should say, “I will join a gym and go three times a week.”

Measurable – You need to be able to measure your goals – for example, you might want to increase your sales by 25% by this time next year. How would you measure this throughout the year to ensure you are on track? You could break down sales, so you know how many sales you need to make every month to make this happen.

Attainable – goals need to be achievable, so don’t set the bar ridiculously high, such as Del boy in ‘Only Fools and Horses’ – “This time next year, we’ll be millionaires.”

Realistic – in the same way as goals needing to be achievable, they also need to be realistic. You must be both willing and able to work towards them. Only you can decide what is achievable and realistic for you and your business.

Timely – it’s sensible to put a time-frame on each of your goals – this keeps you focused. If you don’t have a time-frame, there is no sense of urgency and you can keep putting off doing anything ‘until tomorrow’…and we all know that tomorrow never comes!

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What are your business strategies?

Strategies are all about what are you going to do to achieve your goals.

Think about the four Ps…

Product(s) – what is it about your product that makes your customers want to buy it? Do you need to change your products in any way to meet your customers’ needs?

Pricing – how do you aim to compete with your competitor’s pricing – do you want to match it… undercut them… or do you want to charge more for a more quality product and service?

Place – where and how are you going to sell your products? Do you sell them yourself or outsource them to retail outlets? Do you sell online or face to face? You might do a little of everything.

Promotion – how are you going to let your existing and potential customers know about your products? This includes things like advertising, social media marketing, email marketing, PR and personal selling.

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What action do you need to take to achieve your goals?

How are you going to achieve your goals? If we take the ‘I want to increase my sales by 25%’ scenario, how will you do that? You might decide to launch a new, attractive product…you might give a discount if customers spend over a set amount, or do a ‘Buy one, get one free’ offer for a specific week.

Another scenario might be that you want to re-brand your business to make you stand out from your competitors. This will have a financial implication, so that needs to be in the action plan – your goal would be to re-brand, your action would be around how you will afford to do that – how many products would you need to sell, for example, to cover the cost?

Once you have decided the action(s) for achieving each goal, you need to know how you can measure the success of each action. Measurement is very important as it gives you an insight into what works well for your business and what doesn’t.

If you plan ahead, you stand a much better chance of succeeding. So, give a little time to setting your goals and sorting out how you are going to achieve them.

One of my new online digital products is a workbook on goal setting, which takes you through each stage step-by-step, so saves you bundles of time and energy.

As always, if you have any questions, feel free to contact me.

10 reasons why you need a business plan!

I’ve had a few people ask me recently, “just why is it so important to have a business plan?”

Well, a business plan serves two crucial core purposes; it provides a financial validation and it also serves as a roadmap to keep you on track all year.

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By financial validation, I mean that your plan gives both you and any outside funding institution you may need for loans etc. a strong indication as to whether your business venture will be a success. If you are doing a business plan for this purpose you would add in specific detail regarding how you run your business and whether you will get a return on any investment that, say a bank, will loan you and of course that you are financially viable enough to be able to afford loan repayments.

The second core purpose, the roadmap, is the area I will be looking at in more detail as this is what most small businesses (who don’t necessarily need financial input) think that a plan is not a necessity. And some small businesses manage completely fine without a plan, but I feel it is important as it lays out your action plan; details all the milestones and successes you have established and gives timescales for when you expect to complete certain tasks. It gives you a clear path to follow and keeps you focussed on achieving the goals that you have set for your business.

So, I’m going to focus on what a business plan does for your business and why it’s important.

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To demonstrate that you’re serious about your business. This just puts it down in writing that you are committed to building your business and how you’re going to go about making it a success.

goals-2691265_640To ascertain your business goals or milestones. Your business plan will make you think about what you want to achieve with your business and where you see yourself in a year’s time… in five years’ time or more. You can plan not only your long-term goals, but also some quick wins and short term plans. They are significant events that you want to achieve, such as building a website, launching new products/services, producing a brochure and also things like getting your first 100 or 1000 followers on social media.

To understand and know your competition. A business plan forces you to look at your competition – analyse how they work, what they do that makes them stand out in the crowd, look at their products and how they advertise them, package them etc.

customer-563967_640To understand and know your customers. Planning makes you look at your customers; who are they? Why do they buy your products and why do they buy when they do? Do they belong to an average age group or geographic region? An in-depth customer analysis will help you understand what makes your customers tick and how you can better serve them and give them what they want.

To assess the feasibility of your business. Is your business viable? A feasibility study involves researching your target market and your competitors and will let you know if your business venture is likely to be a success.

money-2696228_640To determine your financial needs. Do you need to raise money to buy stock and how are you going to do this? Are there training opportunities for you, so you can learn more about what you do, that incur a cost? How will you factor this in? If you need a big financial injection, you will need to look at loans or investors…your plan will then need to be very specific around how you will be able to afford this kind of investment and what your return will be.

To reduce the risk of looking at the wrong business opportunity. If you do all your research, you will be able to clearly see if a particular business opportunity is going to be feasible, if there is a market for your products/services or whether an alternative route/opportunity might be better for you.

To push you to research your market and really get to know it. Researching your market will help you understand the latest trends in your particular area. Is this market growing or receding? What is the biggest threat to your business/industry? What is the size of your target market and how do you get your products/services in front of them? Your business plan will help you gain a greater understanding of the ‘what, when, where, who and how’ of what your business will face.

stamp-143192_640To pinpoint your brand. Creating a business plan makes you focus on what your brand is; helps you describe your business succinctly and decide how you will position your brand to your customers and target market.

To measure the success of your business. This is the bit that most of us forget about when running a business. It’s important to have measures in place so you know if a particular product or strategy is working. It gives you the option to change your strategy or break it down to make it easier to manage. By writing down the goals you want to achieve, you can look at them every month or quarter to see how you are doing against what you wanted to achieve at the beginning of the year…and adjust things accordingly – this might include removing certain goals, changing them or adding new ones. But if you don’t measure, you don’t know!

Your business plan is about what you want to do. It’s always a work in progress and once you have one and use it, you will wonder why you didn’t do it before!

Find out more about what to include in your business plan in more depth and how to do it …10 essential tips in making a good business plan

And click on this link for your free basic business plan template/instructions Business Plan

If you need any help or advice, please feel free to get in touch.

Down-time, down tools and review!

Down-time, down tools and review!It’s September already and it never ceases to amaze me how quickly time seems to pass. When I was a kid and it was the summer holidays, they seemed to go on forever…nowadays the year seems to pass quicker than those summer holidays! Must be an age thing!

Well, when September arrives, I know that it’s time to kick myself up the rear end and take a good look at how the businesses that my partner and I have. For me it’s thinking about what I’ve done so far and how I can kick-start things for the rest of the year. If possible, it’s also good to have some down-time too. Unfortunately, as my partner’s business is hosting music events and gigging, he is still very busy – add into the mix that my son and his partner have just had their second child and my daughter is about to have her first, it looks like a holiday away together is very unlikely. I will be going over to see the new arrivals.

rear-mirror-2480510_640Anyway, I digress! Whilst I’m waiting for the second baby to arrive, I will be reviewing both our businesses. This time of year is perfect for doing this for everyone…you’re coming to the end of the summer season and, dare I say it, Christmas will be fast approaching, so now is the time to look at the business plan you did at the beginning of the year. If you’ve been very efficient, you may have already reviewed it once or twice already. So, are you on track to do the things you wanted to do? If not, what are the reasons? It could be that some of the goals you set yourself are too big, so you could cut some of them down into sizable and achievable chunks. Maybe the goals you set were too adventurous…in which case, you could put one or two on the back burner for next year…of course, you might just need to push yourself that little bit harder to achieve them. It’s totally up to you how you approach goals that have not yet been reached.

Take a look at what you have achieved and be proud! What went well and what didn’t go so well? Make notes of what to avoid next year.

head-1345064_640Now is also the time to plan for the rest of the year – what are you going to do on Social Media? What blogs are you planning to write? Make a list and try and stick to the schedule. Do you have any events coming up, such as networking events, markets, craft fayres etc? If you do, plan how you can be more efficient and get more sales or meet more people.

If you have website, put yourself in your customers’ shoes and look at it objectively. Is it easy to navigate? Can you find the ‘contact’ details? Are the terms and conditions up to date and easy to understand? Do all the links work? You could review your ‘About’ or ‘Home’ pages, update the information and add a new profile picture. If you sell products online, are all the products current? Are old products still showing…do they need to be deleted?

At this time of year, it’s a good idea to ask current customers for some feedback, so you have new recommendations in the run up to the end of the year.

Is there anything you’d like to do as a push leading up to Christmas, such as a competition or incentive for customers? Now is the time to plan this.

What are you competitors doing? Are they doing something you could use to improve your business?

puzzle-210784_640Finally, we all like to learn new things, so make sure you are up to date with the latest news and technology – is there a social media site you’d like to learn more about? There are lots of free courses online so take advantage of them and learn something new to help your company progress. If you don’t have time to do this or learn new things this year, put them into plan, so you add them into your business plan for next year.

If you have any useful hints or tips to help with reviewing your business, please let me know in the comments – I’d be interested to hear from you. Happy reviewing!

Right person, right time, right reasons…RIGHT CONTENT!

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business-3189797_640.pngSo, you have your own business and you want to promote it – get your product or services out there. How do you go about it? Where do you start? It’s really important to have a content strategy….as this will help you structure exactly what the needs of your business are and what exactly is the right content for your business.

Anything you put out about your business needs to go to the right people at the right time and for the right reasons….and of course, the right content is crucial.

If the content is NOT right, then the people you are hoping to reach won’t read it. Whatever content you put out needs to be valuable to your potential reader, so make sure your content is useful and relevant – what’s in it for your reader? Does it solve a problem for them? Does it give them a solution that they need?

If you DON’T target the right people, then your content won’t be read and definitely won’t be acted upon. You need to ensure that you know who your audience are – just sending content to ‘people’ in general won’t cut the mustard, you need to be specific.

thought-2123971_640If you don’t send content out at the right time, then you are wasting your time. You need to firstly understand your audience or intended audience – what do your customers want? Do your customers or potential customers have questions that you can answer? Do you have solutions to your customers’ problems? If you are aware of these things, you can plan to put content out at the right time.

If you’re NOT putting content out for the right reasons, you are also wasting your time. When you are writing your business plan for the year, you will include measurable business goals. These goals are usually a reason for sharing some kind of promotional content to pull in more customers, or address an issue that your customers may have. The content you publish won’t necessarily sell your wares, but can help to set yourself up as an expert in your field. This, in turn inspires confidence in your abilities and business, which can lead to those all-important recommendations.

Plan your content for 2016

computer-1185626_640December and January is the ideal time for you to look at planning for next year. It’s time to take stock and look back over the last year – what worked well for your business and what didn’t work so well? Which way are you going next year?

Take the time to look at last year’s business or marketing plan (or both) and decide what you need to change to make next year more successful.

Have you ever asked your customers for feedback? Amongst that feedback, is there anything you can address to make your business more attractive? Do your customers have any problems you can solve? If you can pinpoint what it is that your customers want, that you are not currently giving them, you have the greatest opportunity to truly delight them in solving those problems.

future-2372183_640.jpgIf you haven’t asked for feedback, then why not do it now? Why not send out a short survey asking some questions to help you decide which way to go next year – get your current customers’ opinions and ideas – their input could open a whole new market to you.

Once you know what your customers want and have a new plan for next year, with new goals, you are ready to plan your content strategy and will be one step closer to a successful 2016!

 

 

Ten essential tips in making a good business plan

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A good business plan is exactly what it says on the tin – a plan for your business; how it’s going to succeed and what you need to do to make it grow.

Having a business plan forces you to look at the feasibility of your business, what will work and what won’t work….and makes you focus on the important and essential parts of your business – your next steps, tactics and strategies.

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Here are a few tips on what to include, making sure you cover the essentials.

  1. Executive Summary – this is a brief overview of the whole plan. Detail what you do, how your business will make money and why customers will want to buy your product or services. This is best done after you have completed the rest of your plan.
  2. Analyse your market – it is worth investing some quality time in researching your market.
    – Look at what your competitors do – how are they successful and what makes them stand out from the rest?
    – Look at the price, quality and customer service that your competitors offer – then you can work out how to compete.
    – Where are the opportunities for your business – why will potential customers choose your products over those of your competitors?
    – Are there any barriers in place that may prevent potential customers from business-plan-2061634_640choosing your products or services?
    – If your business is already up and running, what do your customers like about your products, what do they buy; why do they buy from you and do they give you repeat business?
    The more you know about your customers, your competitors and the business you are in, the more likely you are to be successful.
  3. Business description – what it is, what you do.
    – Include a brief history of how and why you started your business.
    – Include your vision or mission statement – factors which you think will make your business a success
    – What is the current position of your business?
  4. Business goals – what are your business goals. For example, if you’re already in business, by what percentage do you wish to grow by this time next year? How many customers do you expect to have by this time next year?
    Ensure your business goals are SMART. 
  5. Management teams and employees – If you employ others, give details of your management team and employees and what their roles are.
    – How do they work together?
    – Do they all know what is expected of them and how they can help improve the business?
  6. Operations – what is in place now and what do you plan for the future?
    money-2696228_640– Look at premises you currently work from (it might just be from home). What will you do if your business expands – what premises will you need to ensure your business succeeds?
    – Who are your suppliers? What happens if you lose one of your suppliers and do you have others as a back-up?
    – Do you need to have any training in a specific area to help your business move forward? For example, if you’re a hairdresser, how do you keep on top of current styles?
    – Is there any equipment or materials you may need to invest in? For example, wear and tear on your current equipment – or maybe you may need more advanced software in the future.
    – If you run an online shop, what happens if you get overrun with orders – can you keep up with them and get them out on time with packaging and postage?
  7. Financials – keep a record of what you spend and what you receive.
    piggy-bank-2889046_640– Are you likely to have cash flow problem – if so, how will you deal with it?
    – How much does your business currently cost to run and what is it likely to cost in one year – or two years’ time.
  8. Marketing strategy – this is where you define your tactics and strategies to ensure that you are successful – only needs to be brief in the business plan – you can be more specific in your marketing plan.
  9. Risk analysis – what could go wrong – look at best and worst case scenarios.
    – If something goes wrong, how will you deal with it?
    – Include your contingency plan
  10. Measurement – this is a really important aspect in a business or marketing plan, but often something that is overlooked. Measuring everything you do ensures you know what works and what doesn’t. You can then plan a different approach if algebra-1238600_640necessary.
    – List what needs to be measured – such as how many people look at your business Facebook page or Tweets on Twitter. How can you improve on this?
    – How will you measure your success – what does success look like to your particular business?
    – Shout about your success – your customers will feel reassured they are dealing with the right business

Once you have finished your business plan, you can write your Executive Summary.  Then leave it alone for a few days and go back to it with a fresh pair of eyes. You can then make any necessary adjustments.

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I can’t tell you how long it will take you to complete your business plan – every plan is different and it will depend on you. Business planning takes time – you need to spend quality time on researching and planning your business and marketing strategies.

Take time out at least once every three months to review your plan. Some things you planned will have gone well, others not so well. A business plan is a working document. It’s never finished…always a ‘work in progress’.  Having a business plan won’t guarantee you success, but it will go a long way to helping!

Business Plan  click on this link to download your free business plan template.

If you need help writing and researching your business plan, please feel free to contact me by email – cindymobey@outlook.com or via my website, www.cindyfreelancewriter.com