How to Succeed in Business: How to Write a Good Business Plan? (Part II)
The Business Plan is the road map for operating one’s business. The business plan is made up of a set of objectives and goals to implement so that you can start and operate a business. The Business Plan can be used as a management tool to measure your progress once the business is started.
The main components of the Business Plan are:
- Description of your business.
- The Marketing Plan.
- The Management Plan.
- The Financial Management Plan.
The most important sections of the business plan to complete first are the mission statement, values statement, and goals for the business. The goals section of the business plan will assist you with writing the rest of the business plan. Look at the goals section of the business plan as the main subject for the business plan and the outline for the business plan.
The goals for the business are the measureable achievements that must be accomplished by a specified time. In order to reach your goals, you must create steps to do so and they are called objectives. If you write down your goals and the objectives to reach those goals, you will have a better chance of completing those goals. You can write down short-term goals (to be completed in less a month) or long-term goals (to be completed in a year, but no more than five years).
The best method to write out your goals for your business is the SMART! Technique.
SMART stands for the following:
The SMART! Technique for writing out one’s goals and objectives to reach those goals is the best method to use. It gives one a realistic picture of how to reach the goals and complete them. First thing to do when using the SMART! Technique, is to write your “goals” in a way that specifically details what you want to achieve and accomplish, and the time frame for it. When writing out your goals, you should write from your heart. You should think about how you will achieve the goal and if it is attainable.
Here are a few questions to ask yourself when completing the “Goals: To Do List”:
- Are you able to bring together the skills and talents needed to achieve the goal?
- Who is your support system and who can you depend on reaching your goals?
- How will you treat yourself or your business once you achieve a goal?
- Is the goal out of reach enough to work towards achieving it? (Each goal should have “pulling power” where you will do everything to reach and achieve that goal.)
You should see your “Goals: To Do List” as a contract with yourself that you must do certain tasks, in order, to get paid or reap the benefits. It should include a specific time line as to when certain goals will be completed, steps to complete the goal, and ensure that the time line is realistic and attainable. The goal should have a positive effect on you and your customers and the “Goals: To Do List” should be set in increments-monthly, annually, or three-year goals- and always review on a regular basis.
The “Goals: To Do List” helps the potential business owner understand the importance of preparing and getting ready for their business’ success. With the “Goals: To Do List”, you will find it easier to write your business plan, and finally get a glimpse of how your business will operate once it is up and running. The business plan writing process does not have to be difficult and can be made easier with planning and good timing.
In the next series of “How to Write a Good Business Plan”, we will discuss how to do research on your business idea, competitors, and industry trends.
Remember you can always get assistance with starting your business and writing your business plan from business professionals, other business owners, and many organizations out there who assist individuals with starting their own businesses.
Donya Zimmerman is a business consultant, mediator, and legal professional with over ten years of experience. Donya is also a public speaker and aspiring author. She has a few books in the works that will be published and released in the latter part of 2015. The books will focus on entrepreneurship, small business, and daily devotionals. She is owner of Family & Community Mediation and Business Consulting (FACMBC) based in Baltimore, Maryland and has been in business since 2013. Services provided by FACMBC: Mediation and Conflict Resolution Services; Business Registration Assistance (Limited Liability Company, Corporation, S-Corp, Limited Liability Partnership, etc.); Business Plan Drafting Assistance; Business Certification Assistance (MBE, WOSB, 8A, 501(c) (3), Hub Zone, etc.); and Business Organization Assistance. She is also a contributing writer to the Maryland Daily Examiner Newspaper. Donya Zimmerman has made article contributions to the Simply Inspirational Women in Business Journal for 2014 published by Dr. Cheryl Cottle. Contact information: firstname.lastname@example.org; www.facebook.com/FACMBC; www.twitter.com/FACMBC; https://dzimmerman36.wordpress.com; http://www.linkedin.com/in/dzbusconsultantandmediator