Posted by Abdul Vasi on 24 Nov 2009 at 11:00 am | Tagged as:
A business plan to a business is what the constitution is to the nation. You cannot hope to run a successful organization unless you have a strong business plan to guide you. A business plan is what gives the business its direction, focus, goals, aims, codes of conduct and ethics etc.Every employee should be aware of the gist of the business plan as this will clarify the business objectives and targets for them. If your business plan is a strong, well researched one then your business is assured of prosperity.However you have to know how to maximize the benefits from your plan. It is easy to make the most of your business plan if you just incorporate these key factors into the execution of the plan:
1)Careful Planning: Try to look at the big picture and develop an objective point of view. This will help you make a clear assessment of the future of your business and give you the scope to make effective long term plans.
2)Write it yourself: As the entrepreneur you are the ultimate expert by virtue of familiarity and experience of your business. Write your business plan yourself. You may always seek the counsel of experts but don’t hand over the job to them. Take their opinions; ponder over their advice but write the final draft yourself, based on your judgment.
3)Review constantly: You must ensure that you periodically go through the plan and revise or make changes as and when necessary. Due the speed of the changing market scenario some aspects of the plan may become obsolete; you need to make changes to make the plan contextually relevant.
4)Take opinions:Once you feel you are ready with the final draft, share it with your key employees, advisors and industry experts to gain several perspectives on the plan. This will help in the fine tuning process of the plan.
5)Margin for error: ensure that you always work a backup into your plan as preparation for the worst case scenario. Sometimes a loss in the short run may also turn out to be a gain in the long run. Leave margin and allowances for error.
Having an effective business plan is as simple as that. If you follow these while launching a new plan you will definitely have a strong guiding document that will ensure you have a fool proof plan for your business.