Here are three key elements every business plan should have.
Without a quality business plan, it’s easy to get lost. You need to be intentional with where your company is going, so how can you create a great business plan that sets your business apart? There are many ways to write a business plan, but the best ones include three key elements:
1. Mission or vision statement. This should include who you are, why you exist, and what you want to achieve. You should try to answer questions like, “What do you value” and “What type of service do I want my business to provide?”
“Your goals should be realistic and achievable.”
2. Your strengths and weaknesses. Even the best companies have weaknesses, and the most disorganized ones have strengths. Perform a SWOT analysis (strengths, weaknesses, opportunities, threats) to find out where you make your money and what sets you apart from your competition.
3. Your goals. Too many people choose goals that are unrealistic or not specific enough to achieve. Set both short- and long-term goals so that you have a guideline for the future. You know a goal is good if it’s SMART: specific, measurable, achievable, relevant, and time-bound.
If you have questions or need help setting up your business plan, please call or email us. We are always willing to help!
