Your business plan is a living document – a written description of the future of your company. It tells the story of what you plan to do – and do better. Improving it and keeping it current should be among your top priorities.
Turn Your Ideas into Action
You can have all the great ideas in the world, but they amount to nothing, unless you put them into action. And this is what your effective business improvement plan is all about. Be sure to include in your planning process:
- Your basic business concept: This is where you discuss your business structure, your particular products or services as they develop, and how you plan to keep your enterprise on the track to success.
- The markets you will pursue: Who are your customers? Will they change in the near future? What is your targeted demographic market and what methods will you use to capture it? Last but not least, what sets your business apart from your competition?
- Your financing needs: These are based on your current and projected finance statements, which provide a model of how your business ideas will play out.
Keep Your Goals SMART
Set – or tweak – your business goals using a SMART outline. Every one of them should be:
- Specific: Goals cannot be vague. For instance, instead of saying you want to “increase revenue,” state that you “want to increase sales of product XYZ by 12 percent in 2019.”
- Measurable: Have a way to report a measurable number for each goal; for example, tracking sales via weekly team reports.
- Attainable: Every employee must be in agreement and feel confident that their goals are achievable. Unless everyone is all in, chances are good that your business will fall short of desired results.
- Relevant: Create goals that conform to your business model and the demographics of your customers. If your business is selling computer hardware, do you really want to set metrics around sales of athletic shoes??
- Timely: Attach a realistic deadline to each goal – and stick to it. Tasks without deadlines tend to languish, instead of reaching timely completion.
Looking to improve your business plan?
Developing, improving and implementing your ongoing business plan can be a daunting task. Let the talent and business management experts at Lyons HR help. We’ll complement your core team and help keep you on time and on track. Contact us today to learn more.