There’s nothing like having a bomb plan in place especially, of course, if you’re running a business. One of the first things they teach you in any business curricula is to write a business plan. But, unless you’re ready to gain the attention of investors, banks, and entities that will invest money into your business then its best to start with the main dish instead of the appetizers. This is your Core Business Plan.
A Core Business Plan cuts out the outside factors of running your business like competition and extensive market analysis.
Lets get to this strategy:
The system is a bullet style summary of the who, what, where, when, and why your business will operate the way it does.
The Who is the roles you and anyone involved/invested will play to keep business operational.
The What is what functions your business must have and maintain to operate.
The Where is where your business operates and about the community its in. If its online then you want to include where you conduct operations (for example, your home office, basement warehouse, kitchen lab, etc).
The When is your hours of operations and when your company receives the best traffic, in store and online.
The Why is more of your mission and vision statement.
The Tactics are a complete list of the products and or services you sell along with its pricing. Also, an overall snapshot of who your target market is and how you promote and market to them.
The Time Checks
The Time Checks of your business is your schedule (for example, how you run on holidays, holiday promotions, times when you do not create or operate, etc). Included is also your metrics, as in, a progress meter of how your business is gaining more attention and momentum. What is highly suggested is that you implement tasks with a “completed by” date. Last but not least for this section are milestones. Enjoy the journey! Make sure you document all the good (and the bad) that happened within your company (for example, new hires, new locations, media write ups, recognitions, etc).
The Money Flow
This is one of my favorite parts. I love talking about the money, baby!
In the Money Flow section you want to track your cash flow and spending to see where in your system (first section) should you spend less or more. Needless to say, this section is where you use your cash flow (income and losses) to forecast (predict) the financial future of your company. Don’t let that scare you! If you are following the system you’ve made and tweaking according to your time hacks then you should be headed in the right direction.
We're in a new day and age and the long form business plans are not as necessary as they once were.
I hope this helped you! I’m always for hearing your thoughts so I want to hear how you feel about The Core Business Plan down in the comments below.
As always, feel free to contact me if there’s a business topic you’d like to discuss and expand on. Now go forward so you can show up and show out!