Writing a business plan is no small task. The process can take months before you nail down a plan worth putting out into the world. You’ve worked on it for so long, you hardly stopped to think about what happens next. But a business plan is only the beginning—how you execute that plan is what matters most.
Here are concrete steps you can take to get the ball rolling on your new business.
Build plan reviews into your schedule
Once the doors open, all too many small business owners make the mistake of filing away their business plans for good. It’s easy to get distracted by the day-to-day tasks of running a business. However, reviewing your business plan on a monthly basis will reveal how your company’s performance stacks up against your original goals. Monthly plan reviews will shed light on shortcomings before they grow into a bigger problem.
Plan reviews deserve a spot in your calendar. Take some time to look at the big picture so you have a good idea of where your business is headed. Before you get wrapped up in daily operations, schedule a recurring meeting to compare last month’s numbers against your forecast. These reviews are your chance to point out problems and come up with solutions.
Get approved for loans with your plan
Your business plan isn’t for your eyes only. Business plans are a crucial part of the loan application process, especially if you want to launch a new startup. If you’re applying for an SBA loan, lenders will analyze the business plan to determine whether you’ll be able to pay back that money. A solid, well-organized plan can secure the funds you need to open for business.
Take a moment to look over your business plan before submitting it with a loan application. Think about who will be reading it and what information they’ll be looking for. Remember, the business plan is more than your roadmap to long-term success. It has to present a convincing argument that will persuade lenders to grant your loan approval.
Change the plan as your business evolves
No business plan stays the same throughout a company’s lifespan. The plan should evolve to reflect your ever-changing needs and business goals. Your initial business plan merely predicts how the company will perform in the future. A year from now, your company might look far different from what’s outlined in the plan. This is perfectly normal—expect to adjust your plan over the years to come.
When they first start out, some small business owners try to follow their business plans to the letter. After all, the whole point of a business plan is to guide them along the way. However, it’s important to recognize when the plan no longer serves your current needs. Update the plan as necessary so it reflects where you are now—not where you started.
You put a lot of time and effort into writing your business plan. Now it’s time to put that plan into action. A big part of any business plan is deciding where to source your startup funds. Tenet Financial Group can review the funding section of your plan and offer advice on which sources are best for your business. Get in touch to reach your financial goals!