Q&A - All you need to know about business plans!

Q. Do I need a traditional business plan? By this I mean something formal with a structured template.
A. No you only need a traditional business plan if you need to borrow money from a bank. Most business owners who write a traditional business plan file it away on their computer or it sits gathering dust in a drawer and never look at it again.

Q. What sort of business plan do I need?
A. Something practical, so that every week you know exactly what tasks you need to do to move your business forward. Something that’s yours, written how you like it, something that you are actually going to use and something that you love!
Q. What do I write it in?
A. It could be written on a bit of scrappy paper, on post-it notes, in a notebook or in an app like Trello or Asana. What’s more important is that you write the plan in something you like, that you are going to use.

Q. Where do I start?
A. To quote Stephen Covey you ‘‘Start with the end in mind’. Think about where you want to be in 12 months time, what do you want your business to look like, what do you want to be doing?

Q. What only 12 months?
A. 12 months is a long enough time for a business goal, as a lot can change in 12 months (look at how things have changed in the last 6 months with the Covid-19 pandemic!)

Q. What’s the best way to write a goal?
A. Write your 12 month goal using the SMART (Specific, measurable, achievable, relevant and timebound) format.

Q. What do I do after I’ve written my 12 month goal?
A. A 12 month goal can seem big and far away, so you then need to break the goal down into smaller goals. Usually 3/4 through out the year. Write the smaller goals also in the SMART format.

Q. How do I get from the smaller goals to a plan?
A. The easiest way is to take the 1st small goal, which is usually for 90 days and write down all the actions of how you are going to reach your goal.

Q. Why can I never stick to my plan?
A. Sticking to a plan is the hardest part, the day to day running of your business gets in the way, life gets in the way, there’s always something more exciting to do.

Q. What can I do about it then?
A. Get yourself some accountability as it always works. Accountability isn’t rocket science but the fact that when you know somebody is going to ask you about something, it makes you do it!

Q. What if I reach my goal early or I know I’m not going to reach my goal?
A. Nothing is cast in stone, as it’s your goal and your plan, you can change it. You are the master of your business, nobody else is!

If you don’t have a plan for your business and as a business owner you should have!