Monday Morning Resource: Your business plan is your blueprint

Your business plan is your blueprint

Sidney Halpern, Chartered Accountant, Winnipeg, MB, CYBF Mentor

A business plan is an actionable blueprint for your business. It should be visionary without losing sight of reality, and with proper execution, it will ensure your success.

A great business plan is created with the help of experts and includes these key elements:

• Vision
• Goals and objectives
• Merchandising strategy and action
• Marketing strategy and action
• Human resource requirements
• Administration
• Financial requirements
• Governance and management

Many of these can be broken down into daily, weekly, monthly and annual benchmarks.

All business plans must have an evaluative mechanism to help you determine whether you are making progress and reaching your goals. This should be accompanied by a process for altering the course of your work to adapt to environmental and internal changes.

If you are working with a team to set up the business, it is critical to assign responsibility for the overall plan’s achievements and for each individual segment’s achievements. The responsibility element must be accompanied by incentives to reward success both emotionally and monetarily. An effective management reporting system will help you track the progress of the team members as you all work towards benchmarks.

Potential investors and partners will want to see that you are dedicated to improving your business on a short and long-term basis. Be that your business plan includes a strategy for constant improvement.

Finally, consider bringing together experienced business people into a Board of Directors for your company. Even if they simply play an advisory role, they are an effective tool for obtaining an objective view point and providing guidance along the way.

With the right business plan, a positive attitude and a desire to succeed, you can make your dreams come true!