July 27, 2022

Why your Small Business Plan needs to be built around your motivation

What is the origin story of your small business? Why did it begin? Taking the time to reflect and truly understand your motivation is crucial to any Small Business Plan.

Many people might say publicly that they went into business to make the world a better place or to pursue a passion project, however more money, more free time, and more flexibility around work are the most common reasons for why people go into business. In a perfect world, you would have that control over your own work, be working fewer hours and have more money while pursuing your dream job and career goals. Unfortunately, as many of the small business owners reading this may already know, this dream isn’t a guaranteed reality.

The reality of small business ownership

In most instances, small business owners find that their hours increase and their income drops. Though they now possess control, may small business owners feel like it’s actually their business that controls them. The amount of work that needs to be done as a business owner can be overwhelming – instead of having one boss to answer to, all your customers are now your boss and you’ve got the responsibility of managing your suppliers and staff too.

So whilst owning a business can grant you more control, it also comes with many tasks that now require your focus, and heavier responsibilities and obligations in order to keep your business in operation. Being prepared and having a plan can take the emotion, particularly fear, out of these tasks and the ‘impossible situations’ you might find yourself in. A Small Business Plan gives you options and will have you feeling empowered.

Clarify your ‘why’

Your small business probably started with a dream – a dream that probably did not include becoming a slave to your business or earning less than what you did in your previous job. What was that dream? What was your motivation?

Take stock of the situation you have found yourself in. Step back, reflect, and consider what direction you want to move in. Has that dream evolved? Where do you want to go? Once you have a general idea, you need to put a little bit of time into planning how you are going to get there. Determine where you want your business to be in five years, and even ten years’ time, and the milestones you’ll need to hit to get there.

Prepare a Small Business Plan

Benjamin Franklin is believed to have once said, “if you fail to plan, you are planning to fail.”  No matter what stage of growth your small business is at, a solid business plan is a useful strategic tool – it’s the heart and soul of your business. Every business needs regular planning, this cannot be stressed enough. The chances of achieving your business goals are improved dramatically if there is a formal business plan, especially when it connects to a dream that will keep you motivated.

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A good business plan outlines your strategy for the next couple of years and can be used to help support an application for business finance or business grants. The components of a business plan explain your objectives and the actions required to get your small business from where it is now, to where you want it to be. The process of creating your business plan will help you focus, crystallise your ideas and identify priorities, saving both time and effort in the long run.

Small Business Plan Actions

The start of the new financial year is a great opportunity to take stock, reflect and prepare a Small Business Plan for the next twelve months. Developing your five- and ten-year plans are also highly recommended. Unsure where to start or what to consider in your Small Business Plan? Let us help you create one!

Our Business Planning service starts with a session to make sure we fully understand your vision and core business values. With this in the bag, we will then facilitate a four-hour planning session in which we’ll:

  • help you to identify and prioritise your short and long-term business goals
  • create a strategy to help you achieve these goals
  • educate you in how to check you’re on the right track

At the end of the session, you’ll have a clear, concise one page Business Plan. We’ll also provide a 90 Day Action Plan to help you address immediate and critical issues along the way. Think you might need ongoing support to keep you accountable? We can help with that too! Get in touch with our team of experts today to discuss the best support for your small business.

Filed Under: Business Advisory

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