The Business Plan

 

A business plan is the cornerstone of every venture, yet surprisingly, businesses either try to start with a hugely condensed version or don’t have one at all. Essentially, this is akin to setting off on a journey, having a rough idea where you are going but have no real idea which roads will lead you to your destination. And guess what? you get lost!

The financial consequences to getting lost are tremendous in business. It leads to bad decisions and ultimately causes the business to crash. The principle still holds true ‘Proper Planning Prevents Poor Performance’. People forget that running a business is ultimately very difficult and very stressful. As business owners we have to concentrate on the day to day. This generally leads to a lack of focus, especially when new opportunities present themselves and start leading the business on a tangent.

This is why we work with our Appointed Representatives in developing this plan. Fundamentally, if they do well, we do well. So its in our interests to ensure that we help keep you on course. And also remember, the plan is not a one time only document, it is an all time document. It should be followed like a map and updated when the needs of the business change.

So what things should you aim to put into your plan? I would initially stick to the basics and focus on:

  • Products
  • Target Market
  • Marketing Strategy
  • Sales Strategy
  • Business Structure and Systems
  • Sales Targets
  • Financials

Whilst we only focus on Insurance here, this basic outline holds true for all businesses.

 

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