As a new business owner, you want to do everything you can to make sure that your company is as successful as possible. To help do this, you know that creating a business plan can be an effective step, but you also understand that not all companies are created equally and what works for another entrepreneur may not be suitable for you.
In order to build a successful and effective business plan you must have a clear idea of your goals, and also realize that the plan will grow and evolve in time.
Decide your key objectives
When creating a business plan that you can implement and maintain as your company gets off the ground, start by identifying your goals. Let your mind wander and jot down any and all of the things that you hope to accomplish in the next three to five years.
What will it take for you to feel successful as an entrepreneur? What products and services do you hope to offer? Do you want to expand? How many people do you eventually want on staff? Once you read your answers to these questions, you may realize that you would be content with a small business that provides a few key services, rather than a massively growing business. This step can give you a good understanding of what you hope to accomplish, which will guide you in creating a business plan.
Think about financing
Now that you have a good idea of what you want to do, it is time to work on the financial aspect of your business plan – a sales plan. Take an honest look at your savings and determine what types of financing you want to pursue. You may wish to apply for a business loan at your local bank; this can help your new company get off the ground and pay for an office space, supplies and employee salaries — at least until you are turning a profit and paying for these things with your own cash flow. If you are comfortable with giving up total control of your new company, you may want to consider a business partner who will contribute both capital and ideas.
Consider how you will stay organized and communicate
Another important aspect to consider when creating a business plan is how you will stay on top of your many tasks and communicate with your team. For instance, you may want to consider providing your employees with company-issued smartphones that run on a reliable 4G LTE network. For instance, T-Mobile’s 4G LTE network offers comprehensive coverage to help you stay connected to your team, as well as your clients and vendors — no matter where they are located.
As your company grows, think SMART
Once your business is up and running, you will need to add to your business plan, based on what you hope to accomplish in the near future. To do this as effectively as possible, focus on SMART goals, which are specific, measurable, attainable, realistic and timely. A specific example is reducing your overhead. To meet this goal, you can schedule an audit of your business costs (which is specific and measurable), look for where you are overspending or where you can cut back, look for cheaper rent or lower supply costs (attainable), shoot for a 10 percent savings at the end of this process (realistic) and decide to be done with the project in six months (timely).
Your business is unique — your business plan will be too
Instead of creating a business plan based on a generic template, take the time to think about your specific company and goals and go from there. Know that while your main goals may not change over time, certain parts of the business plan, like obtaining financing, may evolve as you get your company off the ground. Look for equipment and resources that can help you from day to day, be SMART about goals that come up along the way and enjoy being a successful business owner.
