Table of Contents
Executive Summary:
That age-old saying ‘keep your eyes on the prize’ rings so true when it comes to business planning. A business plan help you stay focused on the end goal, and even when the business gets distracted from those goals, the business plan will help bring you back to your originally intended path.
Myth 1 – I am doing fine without a business plan
If you started your company without having any type of business plan outline template, then it would be easy to think that you are doing fine without one. If you achieved growth, then that’s good, right? Consider this; if you would have had a business plan, you may have been able to do, even more, you might have achieved double or even treble the turnover you got without one. Doing fine is ok but doing more is surely better.
Myth 2 – I can work harder or for longer and get better results
Working longer hours doesn’t always have a direct correlation with improved results. Working smarter, on the other hand, this can truly reap the rewards. When you work for longer hours, it can impact your health, your relationships, and your social life. Sure, in order to achieve great things in business, you do need to sacrifice. However, if there is a way for you to still achieve better results without having completely sacrifice these things, then that is a far better route to take.
Myth 3 – I know my business, and I know what needs to be done
As the Chief in Command of your company, you absolutely know what needs to be done. Not only is this expected, but it is also demanded. If you review your turnover and progress to date, and you want to increase your operations, customers or sales in the future; you need to have a plan in place to help you know what you need to do to get your desired outcome and results. Your core business goals need to be broken down into bite-size segments, as you won’t be doing every single task yourself, you need to be able to communicate clearly to your management, staff or outside agency the goals and the plans you have outlined to get your business to the attainment of those goals. Delegation is key and relaying your vision, objectives, and the finer details of those plans to key personal clearly is crucial.
Final Thoughts: Takeaways for SMBs
A business plan outline template is a dynamic document. Once you get the initial plan outlined and created, you then carry out activities that are detailed in the plan and review after 3 or 6 months. Once you undergo that first review process, you will absolutely appreciate the importance of having a business plan for your company. Perhaps you are performing better than you initially planned for, if that is the case, you will be able to see what areas of the plan have worked well for you. If you are not on track, you should also be able to clearly see what is not working and make any required changes to the business plan outline template and any associated actions.
