Running a Business
Key Concepts and Practical Tips
Top tips for writing your business plan. Anyone who claims they don’t have time to improve their business probably isn’t the best person to run one. Continuous improvement is essential for success.
The Business Cycle
Planning
“The process of making plans for something.”
Create and regularly update your business plan. Keep all editions for historical reference.
Organization
“An organized group of people with a particular purpose. The action of organizing something.”
Keep your time, finances, staff, and operations well-organized. This starts with good planning.
Structure
“Construct or arrange according to a plan; give a pattern or organization to.”
Ensure a clear structure for your business operations. This should be outlined in your business plan.
Operation
“The action of functioning or the fact of being active or in effect; an active process; a discharge of a function.”
Manage the day-to-day activities of your business efficiently.
Monitor
“Observing, checking, or keeping a continuous record of something.”
Track and record all aspects of your business. Ensure it progresses in line with your business plan and maintains order and structure.
Analyze
“Examine (something) methodically and in detail, typically in order to explain and interpret it.”
If things aren’t going to plan, use a SWOT analysis to understand why and then rectify the issues.
Rectify
“To put right; correct.”
Create new plans, budgets, and projects. Re-organize and re-structure as needed. See planning at the top.
Top Tips for Writing Your Business Plan
Writing Your Business Plan
Your business plan acts as a “Table of Contents” for your business.
Use a business plan template that works for you. Modify it as needed.
Write down ideas as they come to you. Organize them later.
Make notes as ideas come to you, then incorporate them into your business plan. Update your goals with dates when necessary.
Keep it simple. Ensure your plan is accessible to people without specialist knowledge.
Remember, your business plan is primarily for your own use. It will help you and your business stay on track.
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