By Tjitte de Werd at April 19 2019 02:41:29
If you develop a good Profit & Loss Statement for your existing business for the current year or for the first year of your proposed business, you can use this data to actually project how much sales you would need to yield the income you want and the profit margin you want. You can plan ahead as far as you want. Sound impossible? It's actually pretty simple and can be pretty accurate plan.
Set Goals and Objectives _ A business plan is like a road map to success. Your goals are the destinations that you are aiming to get to. They should be fairly realistic and achievable but should also push you to work hard to reach them. You may set financial goals that set out what kind of gross or net monthly income you intend to be earning after your first year. Other goals could also refer to other metrics such as average food cost percentages on catering jobs for example.
Succession Planning _ Unless you plan to run your business for your entire life, you will need a plan of succession. If you are the only person who can run and operate your company, it is doomed to fail when you can no longer run it. Create a plan that will spell out what steps will be taken to either sell your company or hand it over to another manager. Develop a system that allows your business to be run without you. An operations manual that details the key components of running your company is the first step in succession planning. Consult an attorney about the legal aspects of either selling or transferring ownership of your company.
Personnel: The success of any company depends on their ability to recruit, train and retain quality employees. The amount of emphasis in your plan for this section will depend on the number and type of employees required.