Business Coaching with RIPPLE
When you go into business it is critical to get your foundational pillars right and to regularly review them as your business develops and the market landscape evolves. However, a mind-blowing 4 out of 5 businesses don’t even have a business plan.
A business plan is essential. It steers you towards a predetermined objective and keeps you on course. It enables you to identify milestones, obstacles, opportunities, and weaknesses. You will also need it to acquire loaned funds.
It will cover your:
Vision and Mission – Your why
Operations – Your how
Products and Services - Your what.
The fundamentals of your business will be covered in your plan, your: Vision and mission - these are your reasons for being in business. Creating these will give you, your employees, and your clients clarity around your purpose. Financial Budget and Forecast – every business requires an initial investment and every product and service offering have a ‘cost of goods’. You must know these to understand if you have a viable business proposition and to plan for your business’s growth and scalability. These will also help you manage your cashflow and profitability. Marketing and Sales Strategies – creating your message and identifying the channels to communicate your brand and offering to your target market. Understanding your target market will help you make your communication decisions. Leadership and Human Resources – if you intend to employ people these are essential skills and practices you will need to attract people who will support and champion your vision. Time Management – great time management can be achieved through systems, processes, and planning. It will ensure efficiencies and help you manage pressure, failures, and day-to-day stress.
Being a small/medium business owner operator is challenging. It often requires you to engage both your left and right brain. The success or failure of the business sits squarely on your shoulders and failing to plan your business fundamentals is surely planning to fail.