The Business Plan
There are six main components to consider when developing a plan for your new business:
1. Planning and Budgeting: This is the process of setting up a method for tracking and analyzing critical numbers within your model in order to create a budget for your business. You will also want to use these critical numbers to determine what the key performance indicators (KPI) will be within your business and to plan your business growth.
2. Organizational structure: In this section, you will want to determine what roles, duties, and responsibilities you will need to get your company started and which ones you will need to help it grow. Try and envision what your company will look like in 1, 3, and 5 years from now. Illustrate what that looks like on a bubble chart to create a tangible organizational structure to help visualize what that company will look like at each phase of growth.
3. Recruiting and Hiring: This section should be focused on creating a standardized process of recruiting, interviewing, hiring, and onboarding your staff as you grow your company.
4. Training and Coaching: In this section, you will want to create a method of training and coaching your staff on an ongoing basis by way of structured meetings and direct reporting.
5. Marketing and Sales: Establish a marketing strategy and budget in this section. Build a plan to execute your strategy with a specific timeline. Create a standardized sales princess that starts when the phone rings and ends when the customer is satisfied and paid in full.
6. Goal-Setting and Priority Management: In this section, you will want to establish a method of setting, tracking, and measuring goals for yourself and for your entire staff. You will also want to create a schedule that blocks out specific times for you to work on priority with a focus on improving and growing your business.
Once you’ve developed a plan including all six of these categories, you’re ready to start your entrepreneurial journey. It may seem like a daunting task, but you will save yourself many headaches and grow your company much faster with a well written and well-executed business plan.