When developing their business plan people will typically (and incorrectly) focus on marketing. They think: “If I have sales, then I will have money, then I can hire people, and that will grow the business. What you should be focussing on is…strategy.
First, ask “What does the business look like when it grows up?” and “What do I want this business to do for me?” Then you can develop the operational platform that will drive that strategy. Then, find where you need to hire and put people in place to fulfill the operational plan. From that point you can determine how much it will cost you to execute on the plan. And then work out the marketing you need create the sales to fund the business to fulfill the operational platform and ultimately your strategy.
Also, don’t write a plan that you aren’t going to reference. Too often I see business plans written and never referenced again.
So write a good plan – and make sure you start with the strategy first.
About Troy Hazard: I am the founder/owner of 12 businesses over the last 25 years, current CEO of Troy Hazard International, author of the book Future-Proofing Your Business, and the former Global President of the Entrepreneurs’ Organization. I have been a franchisee twice and a franchisor while consulting with over 300 brands in 6 countries. You can find me on Twitter @TroyHazard. You can book me to speak at your event by contacting us or calling 214-536-6666.
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