Business planning for success
Business planning is one of the keys to success, but there’s more to it than simply writing a standard business plan that sits on a shelf gathering dust.
For a start, business plans change. Nobody can see into the future and your business will almost certainly need to evolve, no matter how thorough your initial planning is.
You may start out with one business model and then as your market changes and shifts, you may need an entirely different plan.
Is there an effective way to craft a business plan for a small business?
When you’re working on your business – looking for business growth – if you approach your plans in a systematic way then this can increase your chances of business success.
Looking at your business model
Have you got the right business model in place? If you’re running around like a busy fool and feeling like you can never get ahead, then it’s pretty likely there are things you can change in your business to give you greater control over your time and stress levels.
Areas that small business owners question, and that often have potential for improvement, include:
Pricing – am I charging the right amount?
The offer – have I got this right?
Are my products and services right – should there be more or fewer on offer?
Who will make the best customers and what’s the best way to reach them?
Should I bill upfront or offer payment terms?
How can I keep customers satisfied so they are keen to buy from me again?
How can I scale my business?
The best business plans are backed up by support. Achieving business success alone is hard, and having people around you who can give you business tips and encourage you to grow your business is crucial.
How BizSmart can help
At BizSmart we run a series of SmartBoards, where small groups of business owners offer and receive support from each other. With most meetings held online, these groups are less time consuming than an in-person group.
An experienced business advisor facilitates each group, encouraging business owners as they work towards greater business success.
Not only will you get help and advice with your own business but you’ll learn from your fellow SmartBoard members. Everyone who joins a mastermind group ends up being surprised by how much they benefit from hearing about other people’s business challenges.
Someone in the room will usually have been through your current challenge and with their business tips and advice you’ll benefit from their experience.
You’ll also appreciate the accountability of the group. No-one wants to be the person who turns up not having done the actions they committed to last month, so being part of a SmartBoard will force you to take action and keep moving forward in your business.
As well as the benefits of being part of a group, every SmartBoard member goes through a strategic business planning exercise to develop a three-year plan and identify their critical paths and actions for the next 12 months.
How much could you change in your business in the space of a year if you had a SmartBoard in your life?