English: business plan

English: business plan (Photo credit: Wikipedia)

Creating a business plan for a small business doesn’t need to be elaborate and complicated unless you’re planning on going to a bank for a loan.

Your business plan can be a simple one-page statement of why you created your business and what your goals are. You also should set a time limit on how often you will update your business plan.

Business plans need flexibility to adjust to the economy, business grow or decline, the business mindset (solo entrepreneur), and if the reasoning for the business or life changes.

Without a plan, your business is on shaky ground and may fail. Businesses need direction and a reason for being. As things change, business plans need to change with them.

Never write business plans in stone, as life, and the business changes so must the plan to keep pace with the changes.

You should review your business plans about every six months to see if your business is on tract and if anything should change to move your business forward, what has or hasn’t worked so far.

As part of a business plan, you need to track what is working for you and what isn’t, because if something isn’t working, why keep doing it?

You need to put more energy into things that are working than not working.

Part of your business plan should contain how you plan to market on the available marketing channels and creating a way of tracking which channels work for you and which ones don’t.

Do social, video, networking, online, offline and track which one brings the best ROI, and then spend more effort on those channels.

Your business plan should reflect everything you do for your business, and have some way to track results. This can be as simple or complex as you choose to make it. The best way to do this is K.I.S.S.

Author

Robert Medak

Freelance Writer, Blogger, Editor, Proofreader, and Reviewer learning Marketing

Follow the author: http://xeeme.com/RobertMedak

Advertisements