Do you have a business plan? Many small businesses skip this very important step when starting out, and it can hurt you in the long run. A business plan includes background and organizational information; but more importantly, it is a written statement of business goals, reasons why those goals make sense for you, and your detailed plan to achieve those goals. Here are three signs that you need to implement one, ASAP.
- You have cash flow problems. Even if you have a strong balance sheet, having enough cash on hand to pay bills and pay expenses is essential. If you find yourself scraping for enough cash to just to run your business on a daily basis, growth is impossible.
- Your sales fluctuate wildly. Any extreme decreases in sales are obviously a demand for attention, but radical upswings in sales are just as important. Overly fast growth can often be a negative if you don’t have a plan in place.
- You have high employee turnover. This is an obvious warning sign indicating organizational problems on a very basic level.
If you find that one of more of the above applies to you and your business, you need a plan going forward. If you don’t already have a business plan in place, it’s never too late to make one. Objectively look at your business in terms of success and failure and clarify your objectives. Your business plan should include goals that are specific and measureable, a budget and full financial forecast and detailed organizational strategies. If you need help, ask us – we can definitely help get you back on track.
After all, if you fail to plan, you plan to fail!