Weekly Reflection by Faith: Business Plan Light Bulb Moment

When two people in a 48-hour period ask you about your business plan, it catches your attention. I know you are asking, "You don't have a business plan?". Yes I have a business plan in my head but nope I haven't written it down. I have written down my vision, but the light bulb moment for me this week is the business plan is the vision on steroids. I am reminded in Habakkuk 2, God tells us the importance of writing down the vision.

​Habakkuk 2:2-3 NLT Then the Lord said to me, “Write my answer plainly on tablets, so that a runner can carry the correct message to others. This vision is for a future time. It describes the end, and it will be fulfilled. If it seems slow in coming, wait patiently, for it will surely take place. It will not be delayed.

I know how to write a business plan and I had a business plan for my pregnancy shop and spa. I even presented it for a local business competition. To be honest I haven't written the business plan because I was "testing" implementing before writing the business plan. How is this working for me? It isn't. I'm going to write down the business plan.
Where are you in your business plan? Here are three reasons to have a written business plan when you start your business and even if you have had the business running for years.

TRACTION TO THE VISION
A business plan will allow you to get some traction on the problem you want to solve and make money at solving. You will be able to describe what you want to solve by describing the problem and even providing data and/or articles that support the need and that people will pay for it. I know when I was working on my pregnancy shop & spa's business plan it opened my eyes to more information regarding the maternity retail and healthcare space. It made me better at interacting with experts as I learned about their barriers that my business could solve. I even incorporated some interviews as part of my business plan. It was so helpful in the traction of getting the business going.

THE LANGUAGE OF ENTREPRENEURS
As I mentioned in a 48-hour period two entrepreneur leaders asked me about my business plan. Yep, you can't talk to any entrepreneur expert without them asking you about your business plan. This can be a business coach, banker, small business government program, accountant or attorney. As a small business owner who is focused on solving a problem this can seem overwhelming to actually write down your business plan. Here are the seven questions you want to answer. Be authentic and let this business plan do what it needs to do but with your style. Official titles are listed in parenthesis. This isn't an exclusive list, but one to get you started.

1. Why are you starting this business (executive summary)?
2. What information do you have that allows you to know this business is needed and people will pay for it (market research)?
3. Who are your competitors (market research)?
4. Who are you customers (market research)?
5. How will you market to your customers (strategy and implementation)?
6. What products and/or services will you provide (strategy and implementation)?
7. What are the anticipated revenue and expenses for the business (financial)?

A LIVING BUSINESS DOCUMENT
The business plan isn't something that you should put on a shelf once you get it completed. This document should grow and innovate along with your business. As entrepreneurial professionals ask for your business plan, it should be up-to-date and be open to feedback as they review it. It will allow you to measure your growth, identify barriers and celebrate success as you build your business.
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Thanks for reading, do you have a business plan story? I'd like to hear about it.