For business owners without a business plan, this is why you need one and what it needs to cover. They apply to all businesses, large or small, start-up or established.
Take the time out in your business to reflect on the following key areas.
Now:
- Where is your business now?
- Describe your current situation and the issues you face.
Where:
- Where would you like to be in the future with the issues you identified in the now section?
- This may include elements of your vision and business statement.
- It can also include your sustainable competitive advantage, key performance measures and objectives.
How:
- How will these strategies bridge the gap between the now and the where?
- How will the specific action plans be developed from the strategies?
- What is the required timing and who is responsible for carrying out the action plans?
Note that it is essential to date the plan and update it on at least a bimonthly basis. It’s usually only the action plans that need changing in the short term.
Katrina Brennan, Principal, SRJ Walker Wayland Business Growth Advisors, Accountants and Auditors, Level 2/2 Innovation Parkway, Birtinya, 5301 9957, srjww.com.au
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