The Benefits of Business Planning: Part Four
Executing a Business Plan
Now that you’ve explored the various components of a business plan and taken a close look at budgeting, it’s time for the most important step: execution. As you tackle another fiscal year, remember to think of your plan as a road map for success. As long as you’ve put in the work and assessed the numbers, a well-researched business plan will allow your company to meet its financial targets.
How can you make your business plan come to life?
Stick to It
While this may seem like a no-brainer, many companies mistakenly consider their business plans mere formalities. This is not the case! You’ve taken the time to draft a budget and create a solid blueprint, so be sure to stick to what’s on paper. Your plan should provide you with firm guidelines for meeting business goals. Now is not the time to veer off course; sticking to your business plan will save you time, effort, and money down the road.
Due to the critical nature of your business plan, it should be reviewed regularly (every month) and examined in-depth at least once per year. Frequent reviews will allow you to track your progress and ensure that you are on top of company spending. Weed Man Lawn Care performs an annual hard look each June to make budgetary adjustments and assess company progress versus areas for improvement.
Include Your Team
Bring your entire team in on the budgeting process. Your employees will have difficulty understanding where the company is headed if they haven’t participated in or bought into the plan. Working collaboratively will help everyone remain on the same page and share common goals.
A well-executed business plan can be the difference between a company that thrives versus one that cannot survive in today’s market. Remain consistently dedicated to your plan and your business will reap the rewards in years to come.