Asking for A Friend: Do You Really Need a Business Plan?
It’s a controversial topic: Do you really need a business plan? Some business owners will tell you emphatically yes, while others will say heck no! So, how should you decide which side to take?
First we need to talk about what a business plan is and what it isn’t. According to the Oxford Dictionary, a business plan is “a document setting out a business’s future objectives and strategies for achieving them.” You might be thinking that’s a pretty straightforward explanation for something that seems so complicated. The truth is, it doesn’t have to be complicated; your business plan CAN be simple.
Of course there are tons of books, templates and guides out there that will tell you everything you HAVE to include in your business plan. Those are great, especially if you are looking for investors for your business, looking for an equity partner or need to get a small business loan from a bank. But if you are simply trying to start or grow your business and want some clarity, a simple business plan can do wonders for you.
Related Post: Looking Back: My 2019 Goals + Year in Review
You don’t need charts, drawings, or complex formulas, but you do need a thoughtful plan of how you are going to achieve your goals. If you think about your business plan like this it will seem like a no-brainer; Of course having a business plan is a good idea, but don’t worry. There’s no minimum word requirement. A single sheet of paper that clearly states your goals and identifies how you’ll achieve them is a great place to start. This plan will keep you focused and help drive your decisions as you work towards your goals. Having a plan isn’t a guarantee that things will always go the way you want, but it will help guide you to success.
“Whenever you want to achieve something, keep your eyes open, concentrate and make sure you know exactly what it is you want. No one can hit their target with their eyes closed.” – Paulo Coelho
This past year, I created a “business plan” using this simple format:
- I outlined my main big goal for the year (ie. revenue/profit)
- Then I wrote down three smaller goals that were going to help me achieve my big goal. These were my milestones.
- Then for each of my milestones, I listed out the actual steps I need to do on a daily/weekly/monthly basis to hit those milestones.
- Each quarter I plan to review my progress and adjust as needed depending how things go.
Your business plan can be just as simple if you need it to be. Let’s not make it hard!
What do you think? Are you pro business plan or have you been too overwhelmed at the thought of creating one? Let me know in the comments?
Looking for a little guidance as you think about creating your website? Packed with guidance, tips and examples, this FREE interactive workbook walks you step-by-step from strategy to launch.
ABOUT THE AUTHOR
Brand Strategist & Design Consultant
I specialize in helping entrepreneurs and business owners bring their passions and dreams to life through branding strategy and design. While I have vast experience working with companies, agencies and organizations of all sizes, I especially enjoy working with female entrepreneurs and women-owned businesses. It’s my privilege to work alongside business owners as they launch, grow and maintain their business’ brands. I’d love to have the opportunity to help you with your needs as well whether that be branding, logo design, web design or something else. Let’s chat!
This month's theme of finance has me feeling a little worn, ya'll. Don't get me wrong—I'm super passionate about money and I do run a successful business—but as you know, I'm not exactly a money expert. One thing I do know is that being successful with money requires...
This year marks K Design Co.'s sixth year in business. Managing to scale my business while being pregnant twice and going back to school for my MBA, picking up a side hustle, and so many other things along the way, has been no easy feat to say the least. Each year has...
This month particularly, there is so much going on related to finances that I thought it was only fitting to make the whole month of April focused on all things about money in your business. I think we can all agree that managing your finances isn't really sexy, but...
Never miss a post and get all the goodness delivered right in your inbox!
You'll get a weekly email with my latest advice on all things branding, design and business. Are you in?
Do you need a website like yesterday?
Girl, I get it. Creating your own website is a lot of work, but don't worry, I got you! From hosting to design and copy, my DIY website planner walks you through creating your website from start to finish. Snag this freebie now so you can finally check your website off your to-do list with confidence! Just tell me where to send it and I'll shoot it over!