16 Jul Business Plans… Made Easy!
Do you have a niggling feeling you should really have a Business Plan? Are you too busy getting stuck into the day to day practicalities of running your business? Yes! We hear you.
TDA Business Advisor Alan Smith offers handy hints and tips on how to get started with Business Planning in a clear, simple way.
The benefits of having a business plan is a clear focus on where you are, where you’d like to be, and how you can get there. A business plan doesn’t need to be too complicated. What’s important is that it works for you. It is something that you can refer to, and track your progress.
You will need to answer three key questions;
- Where is my Business now?
What do you currently offer? Who are your customers? What marketing activity do you carry out? Who else has a vested interest in your business? What is your ethos or identity? Who is your competition? How much do you earn?
- Where do I want my Business to get to?
What are your aspirations? Do you want to branch into new markets? Is a competitor doing something different or interesting that could work for you? Are you looking to grow your turnover, or employ staff? Do you have an exit strategy?
- How do I get there?
What are the tools/skills/capabilities I need to help me achieve my aims? Do I have the capacity to deliver? Can simpler tasks be delegated/outsourced? Should I diversify or enter new markets?
There is a lot to think about, but getting it all out of your head, and into a format that you can work with EVERY DAY is key, and will help you to focus on the right areas. Once you have made a start you can grow your business plan into a helpful document that will help your business operate both day-to-day, and on a longer term basis. To read the full article from Alan visit the TDA Business page here >