Why you need your business plan

Episode 33 of the Simplifying Tax and Accounting from I Hate Numbers: podcast, hosted by I Hate Numbers, titled "Why you need your business plan" was published on October 11, 2020 and runs 13 minutes.

October 11, 2020 ·13m · Simplifying Tax and Accounting from I Hate Numbers:

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Episode Description

Welcome to episode 33 of I hate numbers. Today's episode why you need your business plan.

In fact, every business needs a business plan. In this episode I'm going to talk about why your business needs a business plan and what should actually go into it your business plan.

This episode of, I hate numbers is part of my continuing mission to strengthen your money mindset, make you less scared of your numbers. So ultimately you can make more money or profit in your business, have more time, sustain your businesses and thrive.

Why you need a business plan

You may be thinking that it's a complete waste of time. There is certainty in your mind that you know what you’re. You don't want to be spending time and energy writing things into a document that's going to be out of date at the moment it’s written.

Put those thoughts to one side. Your business plan is written predominantly for you. No plan equals no success.

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The five key components that go into your business plan.

Firstly. In the beginning figure out what your version of success looks like, your Business goals. Business goals have substance, and must be at least measurable, realistic, and achievable.

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Your business objectives

These are the steps, the journey, the actions, and the tactics that you need to do to get to your business goals. Like your business goals, they must have substance, and must be at least measurable, realistic, and achievable.

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Where your business is now

Your route to success needs you to understand where you are now. Understand where your business is currently. And understanding who your customers are, what the customer journey actually involves, which customers are the most profitable to you.

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Milestones and measures

Manage what you measure. The progress of your journey requires you to set milestones and measures. Then you can monitor your progress and make judgements

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Your Business Numbers

Lastly, the numbers. Translate your plan onto financial forecasts. Look at your plan through the prism of cash flow and profit. Cash flow makes it happen; profit is the prize. Check out episode 30 of I hate numbers podcast episode "Cashflow is a big deal".

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Conclusion

In conclusion,Why you need your business plan is clearer. in your plan, include your business destination, and the steps you must take to achieve your business goals.

How are you going to get that, that detailed plan, your milestones and your measures, and lastly, the numbers. What does that actually look like in terms of profitability? What does that actually look like in terms of cash flow.

Your business needs to grow, serve and make money. Your business plan mindset plays a vital part in you taking your business seriously and for growth. Contact us to find out more.