GET A BUSINESS PLAN
Do you need a Business Plan?
This is a question you have to answer yourself. If I tell you yes you need one, some people will go ‘well he is a Business Consultant and he gets paid to write that stuff, what do you expect him to say? So I’ll just let you figure this out all by yourself.
I’ve seen way too many businesses set up with so much zeal by the entrepreneurs only for them to shut down or jump right into the next idea after a few years.
Research has proven that 90% of Businesses fail to hit the 5-Year sustainability bench mark.
Some of the most popular reasons for this failure are:
- Unfavourable economy
- Poor Customer Services
- Untrained staff
- Poor Cost and Logistics Management
- Inadequate product
However, the major reason is the lack of a business plan.
From the word GO, most of these failed businesses in our clime were at best glorified contracting outfits that survive on short term relationships and patronage by the CEO’s contacts.
Let me ask you some questions:
- Did you write a Business Plan before you invested in that Business? Or did you just rely on your intuition, connections, hustling spirit and availability of cash?
- Did you put together a document which clearly outlines the Goals and intended Achievements like a Business Plan would?
- Did you take out time to chart concrete and achievable goals and chart a plan for success?
Let’s break it down for a moment:
- Have you set a vision for the business and its employees to aim towards?
- Have you defined the Short, Medium and Long-term Goals and objectives?
- Have you defined a USP?
- Did you conduct any market research?
- Do you know your market like the back of your palm?
- Who are your competitors?
- What are their products/Services?
- What are the current industry trends?
- Can you tell what are the reasons for success or failure in your industry, what are the industry benchmarks for success? etc
- Do you know your target customers very well (What do they want? what problems are you solving?). How many of you have clearly defined your target population?
- Have you conducted the necessary research to find the motivations behind their buying decisions?
- Did you actually research the demand for your business before investing in it or did you just assume?
- Have you set SMART marketing goals to determine how your product/service would look like, the cost, how you will distribute it and the best ways to promote it?
- Do you have a clearly defined marketing strategy to achieve the identified goals?
- Have your broken your market down into segments to identify their needs and how to approach them?
- Do you have a clearly articulated sales and promotion strategy?
- How much work did you put into building a Brand identity?
- Did you identify your staffing needs prior to set up or did you just decide to wing it as you went along? This will also help you figure out your payroll.
- Did you have a proper financial plan?
- Where you clear on how much financing do you needed from the start?
- Have you been able to forecast your sales, personnel costs, profit and loss and cash flow on the medium on the long term?
- Are your sales targets based on proper forecast?
- Do you know when your business is expected to break-even?
If you can’t answer with a confident ‘yes’ to all these questions, then you definitely need a business plan or a review of you existing business plan.
Its time to do things differently this year 2020.
Not worry, Christopher-Kings and Associates, will be happy to fix the problem for you within the quickest possible time and at an affordable price.
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It is typical of small business owners to be involved in all aspects of their businesses, thereby