How to write a foolproof business plan

Creating the perfect plan isn’t the only key to success – you need to follow it, too

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by Laurie Griffin
Laurie Griffin is a business planning expert in ActionCOACH's UK support team
3 minutes read
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Everybody makes and follows plans for their meals and weekends, so when you stop and think about it, it’s crazy to think about how few business owners follow a plan for the growth of their company. In fact, statistics show as low as three per cent of businesses in the U.K. actually have a written business plan that they work from.

The essential ingredient

Business owners who have a strong understanding of the financial drivers of their business are best placed to use their resources profitably and adapt to constantly changing times.

Beyond that deep understanding, a world-class business growth specialist helps their business owner client understand and work on the small incremental steps that will take them to the big vision of where they see their business in five years’ time.

Cohesion is key

Cohesion is keyThe best business plans help each of the different departments within an organisation align with one another. Your business needs buy-in from each team member, so everybody, together, is working toward achieving the eventual vision.

When executed correctly, a business plan will help you to uncover the unthought-of ideas and different routes to market. It will help to upturn every stone, check around every corner, and make your business bulletproof.

Looking at the long-term

Looking five years down the line can evoke feelings of both excitement and anxiety, especially in these unprecedented times. However, the thing I always say to business owners is this: dream big.

There’s a lot of truth in Bill Gates’ quote, “Most people overestimate what they can do in one year, and underestimate what they can do in 10 years.” By constantly monitoring and realigning during the five- to 10-year timeframe, getting the business to its most profitable and valuable state is achievable.

Now, more than ever, business owners need to be working on their business every week so they emerge fitter, faster, and stronger. It’s all about evolution. By implementing a succession of business growth strategies in each of the 21 building blocks of a great business, the cumulative gains end up making a massive difference to the profitability and value of your business.

Tools like our cash flow analysis software help our business owner clients to see exactly how to improve their business.... download the report to read the full article

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Article extract taken from
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Article extract taken from
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