How Making a Business Plan Makes you a Better Leader
What is a business plan? – In its simplest form it is a written document detailing your concept for your business. By making a business plan you are setting yourself and your team up for success. Starting a business without making a business plan is like driving in an uncharted territory without GPS or a road map. Your business plan is your road map to success. So how does making a business plan make you a better leader? You are in charge of leading the business and that business plan is the road map used to direct your company. You will use it to acquire great team members, or funding. A great leader is constantly learning and acquiring new skills. It is not a static skill that never changes. So too, your business plan is not static. It changes and grows with your company.
Making A Business Plan, Getting in Motion
Taking that first step in making a business plan can be the most difficult part. Starting anything can be challenging so we find all kinds of reasons not to start a healthier diet, an exercise plan or making a business plan. One of the first things you can do that may be less intimidating than making a business plan is to ask yourself the following questions.
- What need am I filling in the marketplace? What wants and needs am I filling for my customers? What makes them choose my products/services over the competition?
- What is the message I want to send to customers? How do I want my business to be perceived by customers?
- What is the core competency of my company? What is my company really good at and are we focused enough on that?
- Is there a need that we are not filling?
- Think about your ideal customer. How and where will they find you? What will they say about your company to friends?
- Define what success looks like to you. Define long-term goals, how do you see your business in a few years?
- Who will you be competing with? Take a look at your competition, know who the big players are in your market. Define exactly where you fit in the market, are you going to compete with all the products/services your competition offers? Or you going to fit into a niche?
Leading by Example Means Making a Business Plan
Leading by example is the mark of a great leader. Showing the way so others can follow. Making a business plan that is sound and well thought out shows your leadership skills. Making a business plan to lead your company to success means you must plan, execute and adapt. Your business concept started with a vision you had. Making a business plan to execute your vision starts with planning.
Planning is the first step in making a business plan. You are learning as you incorporate your vision in the business plan. Are you a leader recognized at the top of your field? You won’t get to that leadership role if you fail to put some planning into your business plan. As the leader you are designing a road map for your employees so they can clearly see how best to help you execute your concept. Good leaders clearly define the roles at the company, assigning responsibilities to the right leaders. When your passion supports your vision for your company it inspires passion in your employees, partners and customers, you are on your way to being an even more successful leader A leader who can infuse passion into their concept will have few barriers in reaching true leadership status. Because they lead by example, showing their employees how to become leaders who will find success, Again, leading by example.
Leaders will clearly define the vision of their company. For small entrepreneurs who are involved in designing a business plan that could mean your business plan is only one page, However long your plan needs to be, you will have it in writing in a hard copy form, or it could be saved in a fille. Your business plan is something you can access anytime to update, check your progress or simply review your reasons for starting a business. Work on your business plan until you are able to explain it you can teach it, you can choose a marketing plan for it. Plan your expenses, defining how much it will cost to run your company and how long it is going to take your company to make a profit will help you in your long range planning. A business plan can be as simple as one page or it can entail 100’s of pages. A leader will take this opportunity to put their plan into action and be ready to adapt as your business grows.It is your concept that you are making a business plan for so you determine what kind of business plan is going to lead your company to success.
Execute and adapt your business plan. Put your business plan into action after to realize what you have spent a lot of time articulating it. When you are able to put all the elements of your business plan into action you are ready to use your leadership skills to bring your concept to life. At this stage of making a business plan you are able to see your ideas working to provide your products/services to your customers. You can evaluate and make any changes necessary to your business plan as you learn. One of the characteristics of a good leader is knowing when to implement change. As you watch your vision take shape and form a company with employees and customers, you can see how that well planned business plan set you up for success.
You will be setting yourself up for success when you take the time to plan your business. Using some of the prompt questions in this article can help get your plan started. Executing and following your plan will contribute to your company’s success. As your company grows and changes as the leader you are able to adapt your business plan.
Very best wishes for your every success,
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