December is National Write A Business Plan Month. If you haven’t already done so, now is the perfect time to create a business plan for the coming year and beyond.
1. Determine what funds you need and where you can raise the necessary capital.
2. Establish a monthly budget based on your fixed and foreseeable expenses.
3. Calculate your profit margins for each of your products and services.
4. Create a sales forecast.
5. Clarify or improve your collection process.
6. Create the contracts necessary to facilitate collecting money owed you.
7. Set measurable goals for the coming year.
If you already have a business plan, it’s time for an annual review.
1. Survey your employees for good ideas that will improve your company’s brand, health, and bottom line.
2. Listen to your customers and decide on new products and services to offer; adjust your budget accordingly.
3. Look at what your customers are buying and adjust your sales forecast.
4. Decide if you will follow a trend or create a new one, then budget for your plan.
5. Spell out steps to improve customer service before dissatisfaction affects sales.
6. Adjust your budget for ever-changing technology needs.
7. Plan for new employees, updated equipment, and growth.
8. Make sure you include social media marketing in your budget.
9. Look at last year’s goals and set new goals that are specific, measurable, actionable, realistic, and timed with a deadline so they aren’t just a wish list.
10. Establish steps you will need to take in the coming year to reach your five-year goal or achieve your ten-year plan.
What else will you add to your plan?