Putting together a solid business plan should be the cornerstone of any new business venture. Without a business plan you will not be able to effectively manage your expectations and abilities when it comes to setting up and maintaining your new business. It may seem like a daunting task, but there are some simple steps you can take to make creating your business plan both simple and productive.
Producing a Business Plan
- Identify your customers and competitors. Who is your target market and who is already selling to your prospective customer base? Identify your competitors’ strengths and weaknesses, and plan to create your own niche.
- Produce comprehensive financial statements which include an income statement, balance sheet, cash flow statement, and budget. Work closely with a financial advisor to make sure your financial projections are realistic and achievable.
- Describe your operations and infrastructure – premises, facilities, initial stock, start-up costs and so on. These elements will form a solid foundation from which your company can expand.
- Future projections should be assessed sensibly based on all of the above factors, by all parties involved with starting and growing your company. To this end, it’s best to create from the outset a strong business network, including professional advice experts and employees.
- Describe your company in as much detail as you can. Your company mission, vision and objectives should reflect your ideals and the ideals of your business partners and employees. The company structure, its internal and external procedures and your action plan should all be agreed upon before you commence business; however a regular review process will help to identify faults and weaknesses and to deal with them accordingly.
Including Employees in Your Business Plan
Without a strong employee framework your business will fail. All businesses rely on the strengths of their employees, and a business plan should aim to identify and target weaknesses just as much as it does strengths. To this end many business owners incorporate learning management into their initial business plans. The benefits of learning management are manifold; employee turnover is decreased as loyalty increases, the company is strengthened as employee satisfaction and knowledge is improved, and efficiency is improved from within. By choosing an effective learning management system from an experienced provider business owners also find that their training and travel costs are reduced, and those companies which are required to meet regulatory compliances are able to do so quickly, easily and satisfactorily.
Learning management systems from Cornerstone offer all business owners the opportunity to integrate learning and development into an effective HR strategy, by offering training opportunities which incorporate e-learning, instructor led courses and virtual classrooms.