You’ve written your business plan, taken some time to review it, and feel that you’re quite happy with the content, and with what it can help you achieve. However, almost no business plan is perfect the first time it is written, much like it will be rare for a blog, piece of journalism, or page of web content to be 100% first time.
You go away, have a cup of coffee, maybe sleep on it, and then return to your business plan. It may be the case you’re satisfied and you want to move forward. Prior to doing so, however, make sure you have these five easy to overlook points included.
Everyone remembers to conduct market research, and often they spend a large proportion of start-up costs doing so. However, very few actually spend quality time looking at what their closest competitors are doing, either in their premises, in terms of dealing with customers, with SEO, or with any other aspect of their business.
You don’t necessarily need to conduct full, in-depth SWOT analysis reports on each of them, but you do need to have some idea as to what they’re all doing and what that means for you. This will help to strengthen your market research and enable you to focus on the big opportunities you have.
A quote often wrongly credited to Albert Einstein claims that insanity is the definition of doing the same thing repeatedly and expecting different results.
In the context of your business, this quote is telling you to have a contingency plan. Of course, you have great belief in what you’re doing, but what happens if it goes wrong? You need to know what course of action you can take if one thing fails, and it needs to feature heavily in your business plan, especially if you’re looking for investment.
The biggest paradox of the business world is that a company is most at risk when it’s growing. Take a website, for example. You might start with VPS hosting, but as your business grows, you have a need for a more powerful server. If you don’t react quick enough, increased web traffic can slow down or even crash your site, and your reputation takes a huge hit.
Click here for further information specifically related to business web hosting, and be aware of the dangers expansion can bring on all levels.
Employee Engagement Strategies
As most of us approach a business just thinking about the numbers, it is easy to forget about the people who will help us to deliver our vision. Just how are you going to make your people feel valued over the long-term, and ensure they feel as if they belong to your brand?
Considering this now will prevent you from losing key people during stressful periods, and reduce labor turnover overall.
Social Media as a Specific
You may have mentioned social media in your marketing overview, but it has grown so big now that you should really have a specific, standalone strategy for making the most of it.
Which social networks are you going to target, why will they be a success, and how much revenue are you looking to generate from these avenues?
Strengthening Your Business Plan
Ensuring all of these points are included within an already robust business plan will make it even stronger. If you hadn’t already considered these, don’t worry, as they can be easy oversights to make.
Now you can concentrate on making these parts of your plan integral to your overall objectives, and will see greater success as a result.
Teo Alvin is a business expert who offers consultation services related to business and contingency planning. Teo encourages his clients to cover all eventualities when constructing their business plan to ensure they are well prepared for any outcome.