Do you need a written plan? Planning for success...

Some people say that they are too busy to have a plan and that they keep it all in their head. That’s fine, however increasingly your strategy, purpose and results in your current role is required to be justified and getting organised with a plan simplyfies everything. If running a business there will come a time when you may need to apply for finance from a bank or you would like to invite an investor to invest into your business or you may like to sell you business. This is when a comprehensive business plan comes into play.

The busier you are the more you definitely need to plan as planning will help protect you from dealing with the bushfires and being able to focus on improving the business and remain in control. This is particularly useful if you dont deliver on results that you had set, you can simply revert to your plan and work through the hurdles in order to refine your actions.

Your business plan is a living document and should be reviewed on a regular basis to ensure that you are achieving what you have set out to do. You can schedule regular reviews to your plan and by doing so will pick up on any issues that need refinement or fixing. Any key stakeholders such as a line manager or if you need to report to a board, having your plan closely accessible and updated just simplifies things.

Keep it simple...

A good simple plan should provide you with structure, strategy and a clear direction as to where you are going. It’s also important to keep your reminding yourself about the core reason as to why you are in your current occupation or why you started a business in the first place.

Going to work or running your own business should be fun, relaxing and challenging at the same time. It should push all of your desired buttons as you are the driving force for the business. It’s up to you to create the destiny.

It must align with what you stand for...

Your plan is about what you stand for, your purpose and vision for the future and what strategies you will put in place to support what you are going to do? It is also about your specific goals and when you will set a date for your goals to be achieved.

A living document...

Unless you lead a team of people your plan will be personal and meaningful to you and only the necessary information will be added when you actually need it. This is a living document and it needs to be added to and subtracted to as it is applicable to the journey of your business. If you have a team or employ staff its how you go about communicating your plan which is a key ingredient for your success. If you are a solo operator its how you go about keeping your stakeholders informed and engaged in your role.

A definite way of ensuring that your plan grows with you is that it is reviewed on a regular basis. This is the luxury that you want to have so that you have time to reflect and consider what is working and what is not working.

Stay relevant to your customers, stakeholders and investors by having clarity on what your plan is.

Sue Milner is a specialist with helping finance professionals to stay relevant in the digital world. Sue has over 30 years experience in banking, financial planning and working with small business. A passion for financial literacy education along with coaching professionals in the finance industry.