Lead With A Plan!

Moving throughout life with wishful thinking and hoping for the best without a proper plan may give you peace of mind for a short time. But is this method helpful for people who want to achieve big goals? No, and not at all. You cannot achieve anything unless you plan for it in the most task-oriented way. Before you start planning for things in life, you must know how and why you are heading out towards this process. You should know what your goals are and why you are heading the way you are. 

 Leading with a plan is to create a plan that includes all your prioritized tasks first, and then you narrow the priority tasks to get things done in a defined list of most important tasks. Many business owners start this process using a Business Plan, a fully detailed blueprint of what and how your business will operate during a defined period. Through this plan, you begin to execute the mission and vision of your business.

 What are the goals of creating a business plan?

One of the important parts of business planning is determining the business objectives that are then translated into actionable business goals. Goals must be enough to support the strategic plan, a written document that comprises the organization's strategy for achieving the vision and mission they have. 

Many people complete a business plan, put it in a file, and never see it again. It is very common in the business world to find such people who have the energy to create a business plan, but they soon forget about it. Being demotivated after creating a fully motivated business plan is sadly becoming a normal thing now. But how can you change this habit of yours? Follow along and see the 7 main areas that must be included in a business plan to guide you in achieving your goals: 

i. Exec summary:

An Exec Summary or an executive summary is the short form or a section of the document produced mainly for business purposes. An Exec summary is used in businesses to give the readers a short and quick review of the larger material area. It summarizes the report so that investors and executives won't have to read the full report to understand its purpose. 

 ii. Company description:

A company description is also known as the 'about me' or the 'bio' and is defined as the general overview of the company as well as who the business owner is. Anyone reading the company description will get a clear idea of what the business does, the mission statement you are working for, and why you exist.

iii. Market/ Competitor analysis:

The analysis of the market and/or your competitors will give you a clear assessment of the strengths and the weaknesses you have in the market. Look for gaps in the market, that can provide opportunities or competitive advantage for your product/service to flourish in your business. You can find out the situations that may become a threat for your company as well. Businesses use this information to learn about the market and competitors to devise a marketing strategy. 

iv. Management & Operations:

Operations management is the business process to carry out operations with a high level of efficiency in an organization. It is concerned with converting materials and labor to services and goods as efficiently as possible to boost the profit of any organization. The management of operations is used by businesses to bring out the best results of the business operations and convert them into profit to help an organization grow. 

 v. Sales:

Sales are the collection of all such activities involved in the selling of products or services to a business or a consumer. For businesses, they tend to focus on sales goals or sourcing prospects, reaching out to them and build a relationship to provide them with a solution that will benefit them in many ways.

Sales are the main source of the flow of money for businesses, and they prosper through selling their products and services to boost the profit of their internal systems. 

vi. Marketing:

Marketing is the process or activity that tells your ideal clients about your products and services. It is also the main source for communicating, creating, delivering, and exchanging the offerings that hold value for clients, customers, society, and partners at large. 

Businesses use marketing practices to bring their products and services in front of consumers' eyes so that they can find a benefit in them and make purchases. 

vii. Financing

It is the process of giving funds to business activities, making certain purchases, or even investing. Financial institutions, including banks, are in the business of giving capital to many businesses, investors, and consumers to help them attain and achieve their goals. 

Financing helps organizations and companies provide for the business operations that they are going to carry out, grow, produce products and provide services for their consumers. This section even helps you project your revenue growth and needs for capital in the future!

These were the seven main areas that you must include in your business plan. Most business plans have failed only because they don't add a systemic set of actions and elements in the plan, and hence they miss out on a lot that they could achieve from their businesses. Being a business owner or an executive, you must visualize these 7 steps for your business and put them in the business plan.