Jan 09 2009
How To Make a Business Plan For Your Small Business
Step 1) Have a VISION for your Small Business. What exactly do you want to do? What is the specific niche or demographic of your small business that you want to go after? The vision for your small business should be focused, clear, concise, and very specific. Without a clear vision for your small business, you’ll be shooting hither and thither. You need to spend a good deal of time and deep thought creating a clear vision for your small business.
Step 2) Create MONTHLY FINANCIAL OBJECTIVES for your small business. How much money do you need to make in January? in February? in all subsequent months of the year in order to make your small business worth your while? These need to be realistic financial objectives based upon marketing objectives. Have a goal with each marketing strategy you undertake and track your goals to see if they come to fruition. If not, modify the means of achieving the goals.
Step 3) Detail your MONTHLY EXPENSES for your small business. What will your expenses be in January? in February? in all subsequent months of the year? These expenses needs to be as detailed and as accurate as possible.
Step 4) Be ACCOUNTABLE to your business plan for the whole year, especially to your monthly and yearly revenue as well as your expenses. Modifying your marketing strategy is understandable if it’s not hitting your goals after 3 months; however, your yearly financial goals need to remain consistent.
