Some people believe that only business start-ups need funding and that only large companies need business plans. But the truth is that every business needs a ‘blueprint’ – not just for the benefit of potential investors, but so that the people who work in the business can have a clear idea of its direction, and can commit to a plan.
Did you know? Approximately 543,000 new businesses get started each month. Eight out of ten of them will fail within the first 18 months.
A business plan is a written description of business’s present and future. It is a document that describes goals and strategies you plan to implement to achieve your objectives. This will vary depending on your business life stage, industry and ultimate goals. The importance of a good business plan can not be overstated when you are starting up in business.
Here are five steps to achieving colossal success by mapping out not just your business plan, but also your network of possible advocates who will get you from where you are right now to where you want to go!
1. Write out goals. This is the reason why business plans as we know them are important. They enable us to map out our vision, mission and end game. If a complicated business plan is not your cup of tea, simply write out your goals on a sheet of paper. This will enable you to move on to the next key.
2. Mobilize your contacts. With your goals memorialized in writing, now it’s time to mobilize your troops. For each goal written make a list of people that you know and those you need to know to accomplish the vision. For example, let’s say you are starting a cake bakery. You will need customers, a bakery supply vendor, marketing team and other businesses you may want to partner with. Utilize every tool you have to start mapping the network. Facebook and LinkedIn are invaluable for doing this.