Do You Need a Business Plan? To Realize Your Dreams, You Do
I want to encourage you to take a step back from your day-to-day tasks and commitments to spend some quality time thinking about the future of your business. Regardless of how things are right now, what do you want them to be like in five years, ten years? You don’t have to do this all in one sitting. Set aside just a few minutes each day for a week or so, preferably in the morning before you get caught up in the day’s activities, and record your thoughts so you don’t lose them. Having a business plan is essential for realizing your dreams. And you have to start somewhere.
Some people like to do this exercise while taking a walk. Others prefer to find a cozy spot for quiet contemplation. If you’re really rushed, you can do it while you’re in the shower. Draw pictures. Tell a story. What matters is not how or where but the process of visualizing your future. That is the first step to making it a reality.
Set your goals and dream big
Don’t censure yourself. No matter how outlandish or improbable your ideas seem to be, record them all. Give yourself permission to stretch your ambition. Be as specific and concrete as you can. It’s a great idea to set S.M.A.R.T. goals. This stands for Specific, Measurable, Achievable, Relevant, and Timely. Instead of “I want to make more money” or “I want a bigger staff,” think in terms of “I want to generate a million dollars in annual revenue by the end of 2022” or “I want to hire three more designers in the next six months.” This will make it easier to identify and set your goals later.
Begin to craft your business plan
Stay with me here. I’m not talking about a big binder full of spreadsheets and bullet points that goes on the shelf and is never looked at again. Your business plan could be a slide show or a diagram on a whiteboard. Just as you might start with a sketch for a concept and then evolve it into a detailed design, begin with the big picture—your vision and goals. Then start to flesh out the components and steps required to achieve them.
Some elements you’ll want to include in your business plan are:
- The type(s) of clients and projects you want to attract
- Revenue model (e.g., how much from services, product sales, consulting or other sources)
- Staffing (what type of help you will need and when)
- Finances (what capital you will need and when to support growth)
Commit to change
Your business plan is the foundation for your action plan. What do you need to change in order to reach your goals? Break it down year by year and step by step. What will you do differently or what changes will you make in the business in Year One to prepare to achieve your objectives for Year Two, and so on? Again, be specific and concrete. Set objective measures and milestones to help you document your progress. Schedule time/dates on your calendar devoted to implementing parts of your business plan.
Of course, as with your designs, once you have your plan in place, you need to do the work and follow through to make it a reality. But you will have the confidence and clarity of vision of knowing what work needs to be done and that you can manage it, one objective at a time. Working harder at the same routine or hoping things will improve will not make your dream come true, but with a plan, it can.
If you need help with your business plan, keep tabs on our Challenges page. We offer a multi-day Planning Challenge that will teach you everything you need to know about creating a plan for your future.
