Plan for Success and Start the Year With a Quick Business Review Plan

As we start the new year it is a good time to make your personal new years resolutions, and also a good time to quickly review your business strategies. One quick way to do this is to write out a simple  strategy or business plan based what I call the 5 W’s of business

Each business plan will reflect the nature of the owner,  their experience and their vision for their business.

They should be written in the business owners own unique style and not try to copy another .

You are in business to stand out from your competitors, not copy other businesses.

The common thread to all business plans is to  outline the five W’s: who, what, when, where, why.

• They are a useful guideline which forces you as an owner to write down exactly what your business is about and why it exists.
• There is no best approach or perfect business plan except it is important to write down everything you can think of about the business.
• Acknowledge before you start that this plan will not have all the answers, it is merely the beginning of a road map to help you understand the business and be able to explain your  vision to anyone else who is involved with the business.
• Be prepared for critical analysis and take the comments on board. Its how you and your business will grow.
• The business plan will continuously evolve as the business grows. It is a flexible document and will continually evolve.
• It does not have to be a 100 page book, The best plans are usually 5 pages of each “ W” with each idea listed as a dot point with a projected cash flow attached.

Business Plan Outline with the 5 W’s

• Who are you? A company business plan outline should list your market knowledge and qualifications. Record the company and management credentials – both current and proposed. Include possible future employees.

• What do you want to sell? As part of your business plan outline what you are marketing. Have you been selling goods, assistance or even both? Talk about the sales and also revenue linked with your merchandise or products and services. And refer to a cash flow spread sheet attached to the plan. Outline your starting sales and also marketing and advertising strategy. What tasks you  will be performing to get sales as well as how much time and money will you invest in doing so?

• When did you start the business? Or when are you planning on launching the business?

• Where is your location? Will you work out of your home to start  or will you lease office  or shop?  Where will you be located and why is this a good location for your business

• Why is your business unique? What is your unique selling position ?What sets you aside from everybody else within the industry.

Business plans are a useful document to help you sell your  vision and ideas to yourself, your partners, your bank and your employees.

If you are in any business , you are selling something and you need to firstly sell the concept of why your business even exists to those closest to you and then it will be easier to sell your business to your customers.