We plan everything in our lives, and growing a business should be no different. Planning for smart growth can increase your chances of success.
Humans have a natural tendency to focus on our strengths and what we enjoy, then avoid the rest. The business planning process makes sure that you are considering ALL the aspects vital to success – not just the ones you find interesting or are good at.
What exactly is a business plan? It defines, in a clear and systematic manner, why a company exists, what it intends to achieve, and how it intends to achieve it.
Business plans are NOT just for securing funding. They are not a one-and-done exercise.
They are a roadmap for your business and can keep you on track as you grow and expand.
The One-Page Business Plan
Developing a business plan is a time-consuming process. As a business owner, your time is at a premium.
So, I am proposing that you do things a little differently this year. Consider preparing a one-page plan that emphasizes the most important aspects of the business.
Download one-page business plan template
The one-page approach lets you craft a business plan without writing a narrative. Essentially, it is the bones (or skeleton, if you will) of the business plan. You can use bullet points to answer the questions.
Later, you can write the narrative (or tell the story) to create the body, if you choose.
The one-page business plan is made up of five blocks:
- Products/Services
- Industry
- Market
- Operations
- Budget
Within each block are questions about your business. Some questions will be easy to answer but others may require market research.
Your local Arkansas Small Business and Technology Development Center can review your plan and provide feedback.
Revisit Your Plan Regularly
Your business plan is a living and breathing document. Once you complete your plan, don’t just toss it aside.
Keep it updated and remember that trends in your chosen industry may cause you to rethink some answers. A good rule of thumb is to review the business plan every 3-6 months to see if anything needs tweaking.
While business planning won’t guarantee success, it can help focus your business on growth.