Your Business Plan is Your Primary Navigation Tool

Guest contributor Kashoo says:

“What is it that you do again?” You are asked that question all the time, and you should have your concise, yet informative answer ready at all times. That answer is called your “elevator pitch”, and we’ve addressed how to formulate one for your business elsewhere on this blog. But in order to truly understand where you want your business to go, and also to evaluate where your business has been, you need a written business plan. Moreover, your business plan tells your financial stakeholders (bank or credit union, family and/or friends, clients and customers) how you plan to make a profit with your business.

A well-thought-out and well-written business plan contains the mission, the vision, and the goals and objectives for your business. It is your roadmap and navigation tool for your business. It is important that you review and revise your business plan on a regular basis; at a minimum, every calendar quarter. Are you staying within your budget? What was going on in your business last month, last quarter, last year? Where do you want your business to be next month, next quarter, next year? Are you reaching your goals? What is working and what needs to be adjusted?