| ten asked to assist with writing business plans. While a | | | | go through your business plan and make sure your |
| business plan is often needed when you are getting | | | | business strategies support your lifestyle strategies. |
| financing for your business, I find that most business | | | | What you may find is that you’ll have to add |
| owners don’t find them very useful. Why not? | | | | strategies for hiring additional staff, streamlining |
| Because usually they are written from a very long | | | | operations, and creating better business systems. |
| term frame (typically five years) and once they are | | | | 3) Turn your business plan into an action plan. Your |
| written, they are put on a shelf and never looked at | | | | business plan is all about long term strategy. It’s |
| again. I’m going to suggest some ways that you | | | | the big picture about how you’ll run your |
| can get more out of your business plan. | | | | business. Take that long-term strategy and turn it into |
| 1) Review your business plan frequently. Business | | | | a short-term action plan. For each strategy you have |
| plans aren’t meant to be static. They are | | | | in your business plan, write a short-term action plan. |
| mostly a long-term strategic tool, but to be effective | | | | Include what the actual activity will be, what resources |
| you need to look at them regularly and update your | | | | you need to do it (employees, money, time, equipment, |
| strategies. How often? I’d suggest quarterly. | | | | etc) and write out a detailed plan for it including |
| Look at which of your strategies are working and | | | | deadlines. This plan should be for the next three to six |
| which aren’t. Do more of what works and less | | | | months. The action plan should include every step you |
| of what doesn’t. Ask yourself why some are | | | | will need to take to accomplish each goal in your plan. |
| working and some aren’t. What can you learn | | | | The first time you do these exercises may take |
| to make your business stronger? | | | | between two and eight hours. It depends on how |
| 2) Add a lifestyle component to your business plan. I | | | | much detail you provide. My experience shows that |
| have yet to see a business plan that includes your | | | | the more detail you include the more effective your |
| ideal lifestyle. Does a bank care about your lifestyle? | | | | plan is. The next time you do this (remember to review |
| Probably not. But you should. Take time this week to | | | | and revise this quarterly) it will take a lot less time. |
| add a lifestyle page to your business plan. At a | | | | Each time you do this will build on the time before and |
| minimum, include how many hours you want to work, | | | | your planning will become more and more effective. |
| where you want to work, how much vacation | | | | Now you’ve got a business plan that works. |
| you’d like and what schedule you want. Then | | | | |