Do you have an online business plan or are you flying by the seat of your pants? A yearly planning document that reflects your values and goals is the most useful tool in your business arsenal.
Your mission statement and your business objectives provide a road map that keeps your successful business moving in the right direction. However, the map is not enough. You also need a compass to stay the course and realize you are on track. Your values and vision comprise the compass.
A statement of values is a set of principles that guide the way you operate your business. For example, whenever you have an important decision to make, like setting a price for your services or for a product you sell, you would review your decision according to your values. The values and decision are congruent, not at odds. This process means you won’t question your decisions or wonder if you are doing the right thing. You operate your business from a core of integrity.
A vision statement is a precise set of words that tells people what your successful online business does and how you do it. The vision defines what you hope to achieve.
The planning I suggest is a simple blueprint for how you intend to establish or grow your business. Use your business
plan to map out your goals, action plans, and financials while significantly increasing your chances for success.
Business Planning Benefits
1. A yearly business plan organizes you to take stock of your progress, examine what is working, and coordinate goals and actions for the upcoming year. Almost all of the very successful business owners will tell you that they create business goals and action plans on a regular basis like each month.
2. A business plan reflects your most profitable path.
3. A plan shows you where are making mistakes or losing profits.
Planning a business includes these sections:
1. Description of your business model
2. Who are your customers, the target market?
3. What do you offer? How is different from others who offer the same thing?
4. What are your specific, measurable goals that you want to achieve and when?
5. What marketing strategies will you put in place and what is their timeline?
6. What are the tasks you need to complete and when?
7. How much is all of this going to cost on a monthly basis, and what kind of revenue will you expect? How long will it take to break even and make a profit?
A business plan is a living, breathing document that will grow and change along with your business. When first starting a new business, determine if you have a financially viable idea.
At the beginning of each year, it helps you to plan out your goals and strategies. Of course, if you need to raise money, people will want to see a detailed plan.
You need to revisit your business plan regularly. Why? Market conditions change. Laws or regulations change. Technology changes your results too, and this should be reflected in your plan.
Your business plan serves as your blueprint for success. Write it and live it for your best results.
What If you have a great business idea but still wondering about how to create a viable business plan?
Register for Successful Coaching Business Set-Up In Systemized Steps. This course will not only help you make a plan of activities, but it will take you step by step from planning, designing, marketing and making money out of your business.