Important Business Plan Considerations
- Business Identity: What are your values and goals? Take time to think about your business — what you hope it might be, what needs to change, what works well. Talk to your team about their wants and feelings on the company. What motivates people to go to work? What parts of the company culture need improvement? How do you want to measure success? Once you nail down your company’s identity and objectives, you can start to plan and focus on logistics.
- Company Overview: Similar to business identity, company overview answers the questions of what your business does and how it is better poised to do that job than competitors. What type of clients do you want to work with? On what type of projects do you want to work? What makes your business the best one for those jobs? Your business strategy and operations revolve around the answers to these questions so be considerate and detailed.
- Organization and Management: How is your business structured? What team members do what? What are your crew's strengths and weaknesses? Behind every successful business is a strong team. Clearly outline the chain of command and responsibilities of each person to keep people accountable and ensure you have the manpower to get a job done efficiently.
- Operations: Your business sells a service. Know the entire lifecycle of that service, from the start to the finish of a project. Work out timelines and schedules for popular projects, which after years in construction, should be no problem. Know what needs to be done when and by whom, and communicate that to your team to keep operations efficient.
- Marketing and Sales: How do you plan to attract clients? Are there any specific marketing strategies that appeal to you most? Do you have a preferred marketing medium? How much time do you want to spend on marketing, how much money? Have an actionable plan for how you will reel in new clients.
- Finances: If you do not already, get to know the numbers of your business — sales, profits, employee costs, equipment costs, etc. Keep track of these details and, depending on your financial goals, set budgets and expectations accordingly. Without a clear financial picture of your business, it is difficult to keep track of your business’ progress.
While the term business plan can seem daunting and corporate, it does not need to be. Just as knowing yourself gives you direction and groundedness, knowing your business does the same for the organization. Be considerate of where your business currently is and have a clear idea of where you want it to be. With focus, intention, and thoughtfulness, you can chart a clear path to that goal.