Does your business have a plan? No, not hopes and dreams. We’re talking about an actual plan. Have you written out a document on how you are going to reach your goals?
Without a plan, you are driving your business with no destination in mind. And without a destination, you will get lost.
Foundation of Your Plan
The foundation of any business plan should start with an assessment of what assets it already has in place – namely, its people and teams.
The fundamentals of your business are your legal, accounting, IT and marketing teams. Does their work clearly portray their knowledge of their roles in your company’s master plan?
If you can’t answer that question with confident yes, that’s OK. We’ve broken down a few examples of what that should look like within each team.
You Shouldn’t Have to Learn Legalize
If wading through legal red tape takes up a large part of your time at work, then there is a problem. Chances are that you haven’t clearly communicated what your legal team should be doing past the current week. This is poor planning, and it’s costing you time and money.
Your legal team is cashing checks, and you’re wasting your own time trying to get their job done.
Your legal team should be ahead of the game at all times. With a thorough understanding of your business plan, it should be no problem to develop contracts, agreements and non-competes before you need them.
Check the Numbers
Accounting professionals and CPAs are there to make your life easier. But they need instruction from the boss just as much as anyone. Together, you should look at your company’s past results to forecast its future.
For example, President John Smith wants to compare his company’s efficiency with the pay raises he implemented at the beginning of the fiscal year to see if it increased.
But without John’s input, his accountant wouldn’t know to show him that. And John would never know if his goal was realized.
IT Saves the Day
Does your company have a plan if its headquarters burn down? Will you lose all your information and work? When employees leave, is the data they worked with secure? When hard drives inevitably crash, do you lose time because nothing was backed up?
Thinking about these responsibilities and delegating them to your IT team ensures business security in times of stress or trouble. Being proactive today saves you money tomorrow.
Unless you’re already working with us, your marketing might look like this: a woman from the local newspaper drops by and sells you a special on ad space. The billboard company calls you and sells you a space by the freeway.
A few months later, you review your profits and losses and freak out about how much you spent in marketing. And what do you have to show for it?
If you had hired a marketing agency that knew what it was doing, you would know exactly what you had to show for every penny.
What To Do Now
After you have written out your business plan and educated all of your employees on their roles, implement it. Set an end date for each goal, and review if your procedures were effective on those dates.
Customers aren’t going to jump in with a company if they don’t know where the road will lead them. And, the first step to customers knowing where your company is going is for you to know where it’s going.
The button below leads to more information on the characteristics of a successful business and how your company can adopt them.