How to Build a Bullet-Proof Business Plan
“As with life, business can take some funny turns, you might need to pivot here, fight fires there and handle some big surprises”
It’s one of those things that you feel like you should have if you’re starting a business. Something about doing one makes it feel real, shows that you mean business (excuse the pun!). But, it can be a bit of a beast and feel hugely overwhelming… I can barely think about this week, yet alone five years time.
Normally we don’t encourage doing extra work, anything to save a bit of time and it’s all about focussing on what matters and makes the difference. But when it comes to a business plan we fully endorse it. Even if, like us, no one else is going to read it, at least not anytime soon, treat it as an investment in yourself and in your business.
Jess and I sat down together over three years ago now in my kitchen and wrote one business plan for The Doers. Financial goals, personal goals, dreams and aspirations for how the business would take shape, develop and grow in one year, three years and five years plus. We mapped out our target audience for both sides of our business (clients/brands and freelancers/Doers), financial targets, additional revenue streams, a growing structure and operations.
As with life, business can take some funny turns, you might need to pivot here, fight fires there and handle some big surprises (hello lockdown). Taking some time to look back at our business plan has proven to be really grounding and quite emotional.
Despite all the twists and turns along the way, we and our business is exactly where it’s supposed to be. When the hours are long, the output sometimes questionable and the balance all wrong, it might not feel that way. Having a plan to look back at reminds us how far we have come, what’s still left to do and gives you time to regroup, replan and keep pushing forwards.
Reading it through, smiling to ourselves and giving ourselves some serious high-fives is like chicken soup for the soul. So if you’re just starting out and you’ve been putting off writing your business plan we highly recommend making the time, getting out all of your fancy pens and post-it-notes and doing it well. Trust us, you won’t regret it.
Top tips for creating a bullet-proof business plan:
Make time for it. Block it out in your diary and make sure you won’t be disturbed. Give yourself plenty of time and plenty of room, you need space to map out timelines and brainstorm ideas. You might not be earning money doing it but trust us it’ll pay for itself eventually.
Your values and mission: This is hugely important and we can’t tell you how grounding it is to look back and see that you’ve stayed true to yourself and your values through everything you’ve been through. You and your beliefs are fundamental to running a successful business and enjoying it so don’t shy away from making this part of your business plan.
Get to know your audience. Spend some time digging into your target audience and really get to know them. Create profiles of who you’re targeting, give them a name, hey give them a picture. Starting with this exercise will help your plan start to fall into place.
Investigate your competitors. It’s all about checking out the competition, seeing what they’re doing well...and not so well. Learning from them, improving what they do and making sure you’re communicating what and how you do things differently.
Don’t shy away from finances. It’s hard to predict what your business could be turning over in years to come but you’ve got to try. Work through some figures for the first year then give yourself a stretch target and aim high for years three and five. Also think about any financial support you might need along the way and where that might come from.
Think big. Use this plan as an opportunity to map out all of your hopes and aspirations for your business. Even if it seems impossible and way out of reach it’s important to have a vision of where you could take your business. Dream big and allow yourself to get excited about it.
Treat yourself. Use it as a chance to go crazy on the new stationery. Planning your business and investing in your future means fancy pens, highlighters, post-it notes and of course a new notebook and planner.
