Having a business plan is a roadmap to success.
If you don’t know where you’re going, any path is fine. But if you’re planning for success, taking the right path is critical. A 2015 business plan is an essential roadmap to business success.
Business plans differ based on individual details, but there are some basic general concepts that apply to most businesses. Several important planning steps are required. This article will highlight these key steps.
Describe your company
Your business description provides information about what you do, what sets your business apart from others, and the markets your business serves. When writing your 2015 business plan, include:
- Describe the services and/or products your company provides
- Describe the customers and markets your company targets
- Describe the problems your company solves for its customers
- Describe how your products and services meet these customer needs
- Describe the competitive advantages your business has, such as its location, knowledgeable staff, efficient operations, and ability to solve problems.
Describe your target industries and customers
Describe in which industries your potential customers operate. List the main customer groups within your industry. What are the critical needs of your potential customers? Are those needs being met? Are you able to meet the needs of your customers?
Reduce your target market to a manageable size.
Many companies make the mistake of trying to attract too many target markets. Remember, you cannot be everything to everyone. Select your targets carefully.
Describe your sales and revenue goals for 2015
Realistically, based on past performance, what gross income (sales/commissions/fees) can you expect?
Describe the Clients that will Contribute the Income
Realistically, based on past performance, which customers do you expect to provide the revenue? Explain the logic behind your calculation and conclusions.
Describe your communication strategy
How are you going to reach your customers? Consider using a combination of the following tactics: promotions, advertising, public relations, personal selling, and printed materials such as brochures, catalogs, flyers, etc. Decide which one works best for your business. You can’t afford to use them all.
Describe your fees, commissions and pricing structure
Plan ahead where, when, and to whom you will charge what prices. Avoid falling into the trap of offering unnecessary discounts and concessions.
Describe your financial projections
Are you going to seek external financing? Does it have adequate internal financing? Develop your financial projections after you’ve reviewed your 2015 marketing goals and set clear goals; that’s when you can allocate resources efficiently.
Summary
Make sure your 2015 business plan matches your funding availability. Be sure to acknowledge the business assumptions you have made in your projections. On a monthly basis, check the actual results of your business against your projections and assumptions. Identify the causes of missed targets. Make correct assumptions and projections monthly. It’s much better if you catch bugs early, before they do any damage. Planning for a successful 2015 is an ongoing one-year project, not a “do it once and forget it” project.
