The general opinion is that a business plan is just a big and heavy document that sits on an office shelf taking up space. In reality, it is a well thought out summary of a company’s goals and intentions. It is also a map for future activity on the market and for attaining goals. Just like every other business plan, consequently, the flexible business plan is a detailed and sincere evaluation of those goals.
Calculated planning is classified as one of the decisive steps that help businesses grow and succeed. In fact, having a passion and obsession about a business idea above all cannot substitute the practicality of a sturdy business plan.
When you decide that you want to start a business, you need to get in the market with your eyes wide open. Having a solid plan will go some way to ensure that you’ll get funding for your idea and will also serve as a solid frame. This frame quantifies growth as a vital step for every victorious start-up and small business in the market.
So, all things considered, how can you create a flexible business plan that will ensure sustainable business growth?
1. A flexible business plan is not complex but outlines every growth stage
If you want a flexible business plan, don’t complicate it. The direction and flow of the plan are much more important. What is also massively important is to define your target audience/market. Also, define how you are planning to enter the market and how you will influence that audience.
Also, do you dissect your big goals in milestones? Every business goal and every objective is essential for the present and future growth of your business. When you plan ahead, you should have at least 2 years of business growth planned and written in detail.
How are you planning to reach every milestone and how do you plan to scale on every milestone? What are the possible pitfalls that you will encounter in your growth process? Will you be able to counterpunch every obstacle with a solution that will create leverage for you?
2. Incorporate the metrics
Are you planning to grow your start-up from month to month or is your milestone is on a yearly basis? What about growth percentage? Are you counting on 10, 20 or 30 percent growth?
For this reason, you need to include a framework, a structure that will encompass your growth and the ways that you’re going to measure success at every growth stage. Next, make sure that this structure is pragmatic and that every goal is achievable. Every stage is important and every goal is important, from huge steps to small-scale goals.
3. Evaluate everything and do it frequently
A flexible business plan understands evaluation and adaptability. The business plan is not at the “do-it-once-and-forget-about-it” stage of development. Keep in mind that you’re going to invest a lot of time and resources in crafting a business plan. You as an entrepreneur and your team should always keep an eye on the market. Look at your customers so you can easily adjust your strategy and the business plan with every new circumstance.
Never forget your growth goals. If it’s necessary, publish them on your social media page. Make an announcement to your clients and to your fans that you’re planning to reach this goal in a month. And execute those goals!
In conclusion, as you accomplish the goals in your business plan you should always remain flexible in your approach. You should always be sure that you’ve made the most optimal decisions that can guarantee business growth as a result. All things considered, think about your business plan as a designed map. A map that will underpin and reinforce every stage of your growth. Most importantly, it will help you improve on every achieved milestone. Without a map, it will be an exhausting journey to growth.
Having a business plan is important because it will help you set realistic goals for your start-up, it will serve as an excellent tool to secure investor funding and establish the financial forecasts for your business and Return on Investment (ROI). To be considered as a strong candidate for receiving investment funds, you must prove that you thoroughly understand every aspect of your business and that you know how to create profit from it as a result.
As a first-time entrepreneur that has a great new idea, we advise you to not jump into business waters without a plan. There are important questions that need to be answered first before you even start the company. The BizzBee team of experts is here for you to help you answer all those questions and guide you through the process of successful business planning.
This article was originally published on BizzBee Blog.