Business Plans Are Boring But You Need One Anyway
Why does a business coach need a business plan? Without a structured plan, even those who know how to grow and structure a business will take longer to achieve their own goals. Your business plan outlines your specific business goals and objectives, as well as your strategy for implementing them.
Many entrepreneurs who operate a single member Llc or Sole Proprietorship skip creating a formal business plan since they have no intention of seeking funding, but that’s a terrible mistake. The small investment of time to clearly map out your business plan drastically cuts down on time and resources wasted down the road. A well-drafted plan can also lead to significant increases in revenue and help pinpoint other factors that add value to your business.
Taking a closer look at these areas of your business plan which heavily influence your marketing plan can make an immediate impact on how you plan your next month, quarter, and year to increase your profit, scale your business, and maintain or reduce the number of hours you work.
The Analysis of Customers
You may be familiar with the marketing terms Buyer Persona or Ideal Client Avatar. The more clear you are on exactly who your ideal customer is and where you can find the more easily you can gain their valuable attention. Understanding the needs of your target audience is critical to confessions at every stage of the customer journey from awareness to retention. You will need this before you bring on any sales person or advertise anywhere.
The Marketing, Sales, and Product Plan
This section is a simplified version of your marketing plan. It clearly outlines exactly what you do in your business, how you plan to let people know that your business exists, and how much you plan to spend to get the word out. This information is useful when working with professionals such as virtual assistants, marketing coaches, or marketing agencies.
Financial Plan
You are in business to make money, make an impact in the world, and live a life of freedom. If you didn’t want these things, you’d work for someone else. Setting financial goals is necessary to plan for any kind of growth. You need to accurately predict how much capital you will need to invest and for how long before you turn a profit or forecast how much to pay yourself monthly when your income is seasonal. Finance affects every other area of business, so nailing this section is vital to the overall success of your business.
Regardless of how long you’ve been in business and how many people are on your team, you should have a business plan. Referencing your plan will keep you moving in the right direction and on track. Once you have one you should make sure to adjust and update it annually, since your business will develop and change over time to keep pace with changes in your life and dreams.
