No matter where you are in business it is still important to have a business plan. Many may think it is just for start ups or loan applications. Create a roadmap to stay on track to hit your goals in a set amount of time. Here are the top five benefits of business planning:
Set Priorities- you will get a big picture at what your plan is. You can see the dots connect when you see the larger picture. Remember you can’t do everything all at once. When you set priorities you can allocate your time, efforts and resources strategically.
Strategic Focus- Strategy is a detailed roadmap to success. When there is focus on who you serve and how you serve them the possibilities are endless.
Manage Cash- Be sure to connect the dots with cashflow. Managing sales, repaying debts, purchasing assets and invoices can be a lot to manage. Keep an eye on your cash flow to find any rising problems and adjust as necessary.
Develop Accountability- Set expectations and then track the results. Use tools to regularly review what is expected and what actually happens. A well-run monthly plan vs an impromptu review of tasks and accomplishments shows you success and fails.
Metrics- Numbers are facts. Key performance indicators can show you conversion rates, returns, etc. Defined metrics in your business plan will show you where to improve or where to accelerate.
If you don’t have a business plan or need to update it check out our business plan workbook here.