What is a business plan & how to write one
Okay, so everyone keeps asking you about this MAGICAL business plan ✨and you have a feeling that it’s either a secret cult or the answer to all your chaos.
You might have even given it a google once or twice but been overwhelmed by the many hundreds of templates out there. 😳
Well fear not my fave, we’re going to break down the all illusive Business Plan so you can get a handle on your business without the BS.
What (in the heck) is a Business Plan?
First things first, what the heck is a business plan. We get it, the words ‘business plan’ are trendier than hipster jeans and dickie belts in 2002 right now.
Breaking news: There is no ONE right way to do a business plan, just the way that makes sense to you.
At it’s essence a business plan is like the abstract for your business.
The key thing with a business plan is that it communicates clearly and succinctly what your business does, who you do it for and how you make money doing it.
There’s are so many different templates out there and they will all tell you they are the one process to follow.
Hold the overwhelm.
Here are the rules to follow when picking a business plan template;
Simple is always best - we’re not here fro a 20 page report because you ain’t never going to look at that again. 2 pages max.
Pick a template that speaks your language - you don’t want to be confused before you even start because the headings are full of jargon
This ones a personal preference - but make it pretty - something worthy of a spot on your wall where you can look at it on the daily
In Business Energetics we use an adaptation of a lean canvas but a little bit more fun. We’ve found it to be the best tool for asking the right questions and none of the fluff that doesn’t actually help you make decisions.
Wait but, do I really need to do a business plan?
Without a business plan you’ll likely find yourself getting distracted by all the noise and new ideas (all the infinite possibilities) while getting stuck in comparisonitis thinking you’re doing it wrong because you don’t have a clear pathway to follow for your business.
Spoiler: those elite profiles you’re comparing yourself to (you know the upper east siders of the social media world) probably have their own business plans.
When you’re clear on your business plan you can create a strategic roadmap based on your big dreams for the biz AND you’ll find it much easier to filter out the noise that doesn’t apply to you.
Your business plan is like a security blanket that shuts down comparisonitis and lets you feel in control every step of the way.
It helps you go from “wtf am I doing” to clarity and action.
So how do I actually create a business plan
So first, you’re going to need a banger playlist. Obviously. 🎧
We’re playing “The Business” by Tiesto from the BE⚡️ Playlist.
Then it’s Q&A time with your fine self.
In BE we’re pretty ruthless and we give you only 15 minutes per section. The point is not to get it perfect but to create a working draft that changes every quarter with your business.
It’s not about the semantics it’s about getting it on paper and going from there.
Note: if you’re a bit of a talker - an invitation for you to use a tool such as otter.ai where you can ask yourself the questions and answer verbally while otter transcribes it for you. Life changing.
The questions you’re asking will depend on the template but you need to make sure you cover;
Business Purpose - your mission, vision and the impact you stand to make
The People and Places - your target customers, your channels and your team
The Financials - your cost structure, revenue streams and pricing
The Metrics - how you will measure success
And hey presto - you’ve got a Business Plan.
Okay now we’ve got that sorted print that baby out and put her on the wall.
*Sigh*, isn’t she beautiful. 😍
This is officially the North Star of your business and we don’t want to deviate from this but we will revisit it on the regs to make make sure it still feels true for you.
How to implement your business plan
Okay - so now we’ve got a business plan, what the heck do we do with it right? Other than use it for some well placed wall art that tells everyone we’ve got our sh*t together.
WELL MY FRIEND,
The next step is to take this Business Plan and turn it into a Strategic Roadmap. 🚘
In Business Energetics we use this Business Plan to inform our 90 day Roadmap.
It’s the starting place for the DIY Quarterly Strategy session where we map out our business objectives for the quarter and the activities or stepping stones we’ll do to get there.
Our objective for the next phase is to translate our business plan into a task orientated roadmap that has clear deliverables for each of our business objectives, on a daily, weekly, monthly and project basis.
Because that’s how we get sh*t done & make sure we achieve our business goals.
How often to do your business plan
“This is just a one and done thing right, I don’t have to touch it again?”
Oh no no no.
You want to be revisiting your business plan at least quarterly, every time you run your own Quarterly Strategy Sesh so that you can make sure
But the good news is - we’re never starting from scratch - we are simply fine tuning our Business Plan as your business grows and changes.
Want somebody to walk you through it?
In the first two modules of Business Energetics we walk you through creating your own Business Plan & running you through a quarterly strategy session where you develop your own 90 Day Strategic Roadmap.
We’re with you every step of the way providing feedback, answering all your questions and making sure that we’re heading in the right direction based on your goals & business best-practice.
Plus we make it really fun. Of course. 🎉
Apply now to see if Business Energetics could be a fit for you.