7 Tips For Developing A Successful Business Plan

Clearly defined objectives. These need to have a long term direction and a short term focus, integrated with the organisation’s Vision and Mission.

Sales and Marketing strategies which are targeted towards current and new marketing opportunities. They need to be prioritised, costed and resourced.

Management and staffing structure responsible for implementing the Business Plan, with agreed responsibilities, time lines and resourcing.

Effective operational and administration systems, capable of providing customers with a professional, quality and competitive service. The cheapest form of marketing is repeat business and referrals. It becomes very expensive if customers are lost as quickly as they are gained.

Detailed budgeting which can be used as an effective decision making and management tool. The sales need to be broken down into categories to provide a strategic focus with the costs divided into direct (cost of goods sold) and overheads, separating the staffing expenses to ensure that the growth in sales can be incrementally resourced. An achievable budget will also ensure that the organisation is adequately funded.

Consensus amongst the stakeholders/owners and management team is essential. The Business Plan will help to achieve and communicate this throughout the organisation.

Commitment to monthly reporting and implementation reviews. A Business Plan is rarely static.