Business Plans are often used to get funding or for internal purposes. A business plan can be a resource guide to increasing productivity, achieving sustained profits, and to establish relationships. When you create a business plan, you put into writing the business concept, analyze the market, and state how the company will manage finances, but what happens after the business plan is finished? That’s what we’ll be discussing in this blog.
Internally, you can use a business plan to give insight into how your company intends to grow and do business over the next five, 10 or 20 years. This insight can be directed towards your new employees who want to feel like they can build a future with you, long time employees who may feel jaded as to feeling like a simple cog in a machine. People like and want to feel that they are a part of something. When people see something they are a part of grow, they feel they’re growing as well.
When your business is up and running, its easy to get caught in the day to day grind. Sometimes you might catch yourself taking a glance at “the other guys” and that’s where taking a look at your look at your business plan comes in. When putting together your plan, you likely listed local and regional competitors as well as doing a SWOT analysis. Use your business plan to reflect on some of the competitors that have had to close up shop. Enjoy the win. You might even look at one of your competitors and see them as an opportunity for expansion. If you’re business is rocking and rolling, you might be able to expand your business by buying out one of your competitors.
Suppliers like working with companies that can pay and can do business over time. If a supplier is selling to your company on credit–letting you take delivery of goods and pay for them later–that supplier is your creditor. Suppliers who allow invoice selling have the same legitimate interest in your business’s strategy and soundness as does a banker. Suppliers want to work with business with a history and a future so having a business plan to offer them can show them that.
After you have your business plan written, don’t be afraid to show it to people who matter other than your bankers and investors. The people who you do business with and do business for you should see that you have an idea of where you’ve been and where you’re going. You and your executive team may even need a reminder.
If you need a business plan or your company needs help to realign itself with your old business plan, give us a call at 1-800-383-1148 or visit www.buildtheplan.com.