Benefits
Why should you have a business plan? This is a question that a lot of small business owners will ask themselves but I feel it is a must for all VAs.
Remember, how will you know you are achieving your goals if you don’t set any?
A business plan is just a document detailing your goals and how you are going to achieve them – nothing to worry about.
Contents
Some people find the thought of creating a business plan daunting as they don’t know what to include. A business plan can come in a variety of different forms but some of the basics to include are:
Introduction
This may also be called an Executive Summary and details what the company provides and how it operates. Include who is involved in the business and what their experience is.
SWOT Analysis
A SWOT analysis is something that you should do to compare yourself to your competitors. You need to look at the following:
Strengths
What makes you different from your competitors? What is your USP? What skills do you possess?
Think about everything that can be classed as strengths.
Weaknesses
What skills are you lacking? Can you only work part time? Do you have the right equipment / space to work?
Think about everything that can be classed as weaknesses.
Opportunities
What strategic alliances could you form? What new markets could you work with? What products could you create? What new services could you introduce?
Think about everything that can be classed as opportunities.
Threats
What competition do you have? What is the economy like? Can you afford to continue trading?
Think about everything that can be classed as threats.
Marketing
Give details about who your target market is and what your marketing plan is.
Goals
You need to really think about what you want to achieve for your business. By identifying your goals, you will be able to draw up your marketing plan to ensure that you meet what you set out to achieve.
Consider:
Short term goals
Think about what you want to achieve within the first three years and these are your short term goals.
Medium term goals
Think about what you want to achieve in three to five years and these are your medium term goals.
Long term goals
Think about what you want to achieve in five years time and these are your long term goals.
Vision / Mission Statement
What is your ultimate goal and vision for your business and formulate this into a statement. Look at your goals for this section and an example could be:
To be the premier Virtual Assistant business in the West Midlands working with Entrepreneurs, Business Coaches and home based businesses. OR
To work with my ideal client types as a partner in their business providing virtual assistance services.
Next week, we will talk about the financial aspects to include on your business plan.
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