This past Wednesday, April 6, we had our first in-person networking meeting in what feels like forever! It was so rewarding to see people face to face and connect with them at Bluegrass Restaurant.
 
We discussed as a group the importance of "focusing on the fundamentals" when faced with a changing, even challenging, business climate, and how crucial a solid business plan can be in helping you navigate the change.
 
The group was asked to discuss three main questions regarding business plans:
 
1.     Within your personal experience, how have you found your business plan valuable?
2.     How has your business plan changed or how do you anticipate it changing over time?
3.     What are the top 5 questions your business plan should address?
 
With many fantastic insights and answers, there were interestingly three main categories our group felt were necessary when establishing a valuable business plan.
 
Aspirations
From financials to best practices, crafting out the future of your business on paper is crucial to helping your business thrive while moving forward. It may come as no surprise that your business plan should help organize your goals and aspirations. Set out monthly, quarterly, and yearly milestones you hope to reach.
Equally as important as your business goals are mapping out your personal goals. Keep a small whiteboard by your desk, post-it notes, or something that you can see every day that reminds you of your life goals, and the importance of focusing equal, if not more time on your personal life. What are you doing with your family? How are you taking time for your physical and mental health?
 
Accountability
Often, we can end up with our heads stuck in the sand doing work that keeps us busy and not “bizzy”. Is the work you are doing helping bring you business or just keeping you busy? This is where accountability to what you are doing makes all the difference in the world. Sharing your plan with a business partner, a broker, your board of directors, even a spouse or person you trust can help keep you on track to be more “bizzy”.
 
Adaptability
Don’t let your business plan manage you. Reviewing your plan regularly helps keep you accountable and allows for a change of course if necessary. The business and economic environment around us constantly shifts and changes course. These past few years have shown us that outside circumstances can sometimes have a significant impact on your business. A solid yet fluid business plan allows you to make informed decisions to react to the change. A lot surrounds your business that you may not be able to control, but without focusing too much time and attention on those factors, you can focus your attention on the things you can impact.
 
As for the “top 5 questions” your plan should address, some of the responses were:
 

• How can this adapt in the case of___?
• Who is your ideal client?
• What are your core strengths and competencies?
• What solution to a problem do you provide?
• What makes you unique?