If you’ve been delaying writing your business plan, or you need to update your plans for the new year, there is no better time than now. In addition to celebrating Christmas, Hanukkah, and Kwanzaa this month, December is National Write a Business Plan Month!
Writing a business plan is an opportunity to carefully think through every step of starting your company or launching a new service or product, or even just a chance to reevaluate the original plan you had for your business. This is your chance to discover any weaknesses in your business idea, identify opportunities you may not have considered, and plan how you will deal with challenges that may arise.
All business owners, entrepreneurs, and heads of marketing know that you must conduct a full industry analysis, research customer personas, and create marketing and financial plans. Most importantly, almost every business has changed due to COVID, and now is the opportune time to address that before we start 2022.
The Executive Summary
I suggest starting with your executive summary. List your company goals, your personal goals within the company, your mission statement, and your vision for the following year(s). If an existing company, list the successes and challenges your business experienced the previous year(s) and what areas you need to improve upon. Starting at the beginning and detailing every step of the way is the best strategy for a successful business plan.
The Industry Analysis
After you’ve detailed the executive summary, you’ll dig into the industry analysis. COVID has changed how each market performs and what customers have come to expect. So, during this phase, you’ll dig deeper into the changes your industry has seen, what COVID has changed, and how your customers have responded to those changes.
The Mission Statement
After you know what’s going on in your industry, you’ll flesh out your company’s goals for the following year. Write (or rewrite) your mission statement based on what you want to accomplish for your customers. Know everything about your customers: their likes, dislikes, shopping habits, favorite places to eat, etc. The more you know, the better you can dig into their true wants and desires in a way that can only help your company. Knowing everything about your customer personas will help you edge out your competitors. Remember, the more specific you address your audience, the better.
Next, you need to work out your budget. You can’t start your marketing or plan any promotions until you have a full 2022 budget finalized.
After The Business Plan
Don’t forget to write your Marketing Plan – – Click HERE to learn more.
With a full business plan, including promotions, budget, and knowing who is in charge of what, you will find the new year begins just a little easier. Yes, you can make small tweaks throughout the year as needed but having a starting point for the next 12 months will ensure you keep your business on the right track. If you need help creating a business or marketing plan, let us know. If the plan is finished but you need assistance with accomplishing the goals, we can assist with that too! We want to see you successful in 2022.