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How To Create a Yearly Business Plan And Achieve Your Goals
As entrepreneurs, most of us have prepared a well thought out business plan. It is essential if you are looking for any kind of financial help when starting up and will keep you focused while growing your business. Having a plan to follow will also increase your chances of success. However, a few years after the start of your activity, is your initial business plan still valid? Probably not.
An annual plan for an established business is an essential organizational tool if:
* you are looking to grow your business
* there are a lot of daily activities in your company and you tend to be buzzing, jumping from “flower to flower” without knowing where to focus your time
* you don’t have a clear plan and consider different options every day
Although there are many templates and varieties of business plans available on the web, your annual plan doesn’t need to be as in-depth as your original. Here are the 5 main areas you will need to cover when planning for the coming year:
1. Where are you now? List the services you provide, the products you sell, the number of hours you work in your business, and the number of hours you work in your business.
2. What are your goals? List the goals you want to achieve. We all have a financial goal, so write down your specific financial goal for the year and the 2-3 priorities that will get you there.
3. How are you going to get there? Work backwards from your financial goal and identify the steps needed to reach it. For example, if your goal is to earn $75,000 for the year, how many clients do you need, how many products do you need to sell, how many workshops do you need to run, and what do you need to charge for these things? Break these goals down monthly then weekly and adjust until you have reached a realistic and achievable financial goal and plan for that timing.
4. When will you do what is necessary to achieve your goals? Take your monthly and weekly goals to create your action plan. This will determine how many clients you will work with and when, what products and programs you will create, how many you need to sell and when, etc. The action plan can be transferred to your weekly schedule.
5. Who do I need help with to achieve my goals? List the tasks that you can no longer continue to manage. Consider outsourcing tasks such as your bookkeeping to an accountant and your technical and administrative tasks to a virtual assistant to free up your time for profit-generating tasks.
Going through this process helps you identify your intentions and forces you to paint a realistic overall plan for the year. Every small step brings you to your biggest goal. This strategy may be the one business activity that helps your business grow more than any other.
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