Tips for writing a successful business plan
Want to create a business plan but don’t know where to start – Here are Stephens Tips from a recent conversation with software partner Fathom.
Tip #1: Discover your why and purpose
Step away from your desk and find your peace in a place that resonates with you. For me, it's the beach. Take time to connect with your why and purpose. Speak with someone who can help you understand and define these fundamental aspects of your business. When you know your why, you'll be better equipped to craft a plan that aligns with your goals.
Tip #2: Craft a simple, yet powerful plan
Templates are your best friends. There are plenty available online and remember, it doesn't have to be an extensive document. The best plans are often concise and focused. Whether it fits on one page or a side of A4, make sure it reflects your aspirations, challenges, and strategies. Address those middle-of-the-night worries and envision the success you seek.
Tip #3: Crunch the numbers
Profit and loss are crucial, but don't stop there! Include detailed cash flow projections and a balance sheet to gain a comprehensive financial understanding. Tools like Fathom offer three-way forecasting and scenario planning - preparing for different outcomes, from increased sales to economic changes. Empower yourself with accurate financial insights.
Tip #4: Breathe life into your plan
Your plan should not be static. Make it a living, breathing document that evolves alongside your business. Believe in it, and get passionate about your vision. When the going gets tough, let your purpose and goals fuel your motivation to persevere. Share your plan with relevant parties—accountants, coaches, and your team. By involving others, you lighten the burden and empower a united effort to achieve your objectives.