Your 2019 One-Page Business Plan
A written business plan is a critical tool in setting the vision and goals for your company and creating intense focus on the key performance metrics that will drive success. Too often, I find small business owners that are so busy working in their business that they don’t take the time to define where they want their business to go, how they intend to get there, and the metrics that will be tracked to stay on course and ensure success.
So, what should be in your business plan?
- Your 5-Year Vision. “Begin with the end in mind” is habit #2 of Dr. Stephen Covey’s best-selling business book “The 7 Habits of Highly Effective People”. Where do you want the business to be in 5 (or 10) years?
- Define your Niche, your Unique Value Proposition, and your target customer. What do you do better than your competitors that will cause customers to choose your company? Bringing focus to this is critical.
- Your 1-Year SMART Goals. What Specific, Measurable, Achievable, Realistic, Time-Bound Goals do you have for your business? What key projects do you need to accomplish or systems do you need to create within your business? What performance metrics do you need to focus on and what Milestones do you want to achieve? What things are you doing now that you need to stop doing? Who (other than you) will be accountable for these? Do you have the right people in place with the necessary skills and equipment to accomplish your goals?
- The “One Thing” in 90 Days. What is the one thing you can focus on that, if solved or improved, would be a game changer for your business?
Now it’s time for the most important step – sharing these goals with your team! Sharing your vision for where the company is going, how it will get there, how employees fit into that, and what key metrics will be used to determine progress along the way is critical to building a winning culture and a high-performance team. SMART goals with clear expectations of employees’ roles and accountabilities allow team members to have clarity and perform. Measure results! Hold yourself and your employees accountable. Finally, celebrate success!
Best wishes for a healthy and prosperous 2019! Feel free to reach out to me for help! It’s funny how often people don’t think to call a financial planner when they make financial plans! But that’s my Unique Value Proposition – as “The Business Owner’s Wealth Manager”, I understand the connection between business and personal success and routinely help business owners plan for both business and personal achievement.