Once you set up your small business it is not enough to simply sit back and wait for clients to come to you. In order to keep the business viable and successful, you must focus your attention on its overall operation and growth. This is where a Business Plan can help.
Setting up and Reviewing Your Business Plan
The first process in developing a business plan is strategic planning. The process of developing and updating your plan has many advantages.
- It helps to clarify your thinking about your vision and mission.
- It gives you a plan that is tailored to you, your personality, and your situation.
- It helps you to take the best advantage of your skills and interest.
Your initial business plan should include the following elements:
- Title Page
- Executive Summary
- Business Description
- Marketing Strategy
Strategic planning is a process that an established business uses to review all areas and to plan for the future, both short term and long term. The initial business plan can be used as a starting point for the review and planning process, particularly in the early years of operation, and some of the same thought processes are involved in both.
Your Mission and Vision Statements
One of the most basic elements of your business is a mission statement. The mission statement is a sentence (or two or three) that sums up the essence of your business-what products or services you aim to provide, who the customers are and what value your business can offer to them, how your business distinguishes itself for the competition, and what values you hope to embody in your business.
A vision statement is usually more far-reaching; it is based on your mission statement and relates to the outcome you envision. Your vision statement sums up the impact you imagine you will have through your business. The statement is intended to inspire anyone who hears or sees it. Through the course, “Business Skills: Business Administration” you will identify the various elements in creating your business plan, mission and vision statement.