Making the most of your business plan
A business plan is a living document. It should evolve with your business and the operating environment. Preparing your business plan and putting it into action is just the first step.
To get the most of your plan, you need to communicate it to your staff and review and update it regularly. Keeping your plan up to date will help you focus and adapt your goals, which is key to the long-term success of your business. Using your plan as an operating guide for your business will encourage you to update it more regularly.
Communicate your business plan
One of the first steps towards putting your plan into action will be to communicate it to your staff and other stakeholders. When you are preparing your plan, you should keep in mind that it needs to be clear and easy to understand, and written in a style that you and your staff can relate to. It's also useful to encourage feedback from your staff. They will be crucial in the success of your business, and involving them in the planning process will help them understand your goals.
Be concise and ensure that what your business is about can be easily understood. Try to be as specific as you can, especially in your actions to ensure that the plan can actually be delivered.
Consider the audience for your business plan
Your business plan can be used internally to communicate your goals to staff. It may also be used externally to secure funding, attract business partners or sell your business. It's useful to consider these audiences when you're preparing or updating your business plan.
Plan for growth
When you have established your business, you might start thinking about how you can grow it. Assessing your performance and reviewing your plan will be the first steps. Before you can grow, you will need to consider the risks involved and your finances, and update your marketing plan.
Respond to change
We live in a changing world. Your business might be affected by world events, changes to your industry or personal circumstances. Keeping your plan up to date will help you make the most of opportunities and protect you from risks.