Often, business plans are seen as something you write when you’re first starting your business, because you need to plan your road map or you need funding. Once a business is well-established, it can be easy to think that you don’t need a plan because you already know what you’re doing – after all, you’ve been doing it for years.
But the truth is, business plans are useful whatever stage you’re at – even if you feel like you have already achieved success. After all, aren’t we always working to grow or improve our businesses? Whatever success means for you, reaching your goals isn’t a reason to stop trying. It’s a reason to do bigger and better things, and continue to challenge yourself. That’s why even large and successful businesses can benefit from a new or updated business plan. If you can’t see where you’re going and don’t plan your route, how are you going to get there? In fact, if your business is already doing well, chances are you got where you are today with the help of a successful business plan.
Plans for successful businesses will naturally be a little different to business plans for start-ups. In terms of similarities, they are likely to include an executive summary, a description of the business, a summary of the goals you would like to achieve, and financial information. However, they may also include the following:
An Exit Strategy
An exit strategy is a pre-planned way for you to get back the money you put into the business. Though exit strategies are important for everyone, they could be even more important if you have run your business for a long time and may soon be thinking of selling up, for example. You can find out about the different types of exit strategies in more detail in our earlier blog post: Do You Need To Include An Exit Strategy In Your Business Plan?
Vital Data From Lessons Learnt
The great thing about having run a business for years is that you will have a wealth of experience to learn from. You will know what strategies work for your business, and you’ll remember any previous problems you’ve had, mistakes that have been made, and how you resolved them. You can use this information in your business plan to better direct your business, and when you’re armed with so much information to reflect upon and analyse, you’re more likely to create a successful business plan.
More Accurate Projections
The knowledge you have about your previous achievements, finances, and even your competitors can help you to better predict what may happen in the future. While you can’t control and foresee absolutely everything, you will be able to make more realistic financial and sales projections, for example. This also means that having a business plan to refer to will be even more useful for you as your company moves forward.
For more information on writing a business plan for your existing company, take a look at our earlier blog post. Ready to get started on planning the route to your next great achievements? Contact cbm for help writing a successful business plan! Use the form on the right or call 01604 420 420.