You’ve just started the business of your dreams: things are going well, the opportunities are rolling in; you love getting up in the morning and going to work. Probably it took months (or possibly years) of dreaming and planning to reach this stage. Definitely it required a great leap of faith and belief in your abilities. Certainly it took courage. And hopefully, a solid business plan.

A matter of perspective
Let’s step back a bit. You’ve got the idea; you’ve got the expertise, the panache, the creativity – all of the things that set your business apart from its competitors. You’ve got confidence and verve, and can envision your success and the way life will look in the distant (or not so distant) future. However, while this big picture is absolutely essential to the creation of successful business, how do you ensure the day to day work gets done?

Small Business Canada defines a business plan as ‘a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized’.

Plan for growth
Any entrepreneur looking for financing knows that a business plan is required as part of the bank’s application form. In fact, a good business plan is a recipe for success. In order to reach your lofty goals, you must start at the beginning – that’s what a plan is: A chance to itemize your goals, your resources and your assets. It gives you the opportunity to put down on paper exactly what you want to accomplish and then helps you to examine the steps necessary to get there.

This is also the time to look at your liabilities. What sorts of challenges might you face along the road to success? Don’t be afraid to look – much better that you find the courage to examine them at the beginning rather than waiting until you’re faced with something that’s out of your control. Be proactive: maybe there are steps you can take right now to prevent these challenges from becoming a reality, or figure out a contingency plan, just in case. Envisioning all eventualities is not being negative, it’s being prepared.

Regardless of the size of your company, write your corporate mandate. What are you and your company all about? What do you believe in? How do you want to do business? The information found in a good business plan will help you set your direction as you work toward growing your business. It will help define the steps you need to take, and the pitfalls you may have to look out for. It will help you define your ideal client and even help you decide where to look for them. Marketing collateral and strategy all grow from here.

Checks and balances
Business plans are essential as a starting place from which to launch your business. However, their effectiveness doesn’t end there. Every now and then check in. Make it a New Year’s resolution every January to examine your business direction – what’s working, what isn’t – where might you need help? How has your direction shifted over the year, and what changes, if any, would you like to make? Consider hiring a professional to help you with this process – sometimes another set of eyes can help you gain the perspective needed to move forward.

Your business starts with a plan. Hopefully, you’re able to balance visions of future wealth and freedom with your day to day business tasks. Courage, faith and the ability to dream are necessary to set your goals of success. Great organization and a practical business plan will help you achieve them.

By Katie Mead