5 Elements Of A Business Plan

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More than just dollars, "Knowing Your Numbers," refers to the meaningful tracking and reviewing of the key financial and non-financial drivers of your business.

Non-financial data often includes sales and productivity tracking.

Your entire team must understand the importance of every interaction with customers as an opportunity to succeed. Sales is not a complicated or mysterious process; nor is it random or irregular. Can you bond well with them and build rapport so that dealing with objections is about more than price?

Following a consistent process will bring more consistent results. Additionally, tracking the volume of leads and closing rates reinforces your planning and provides accountability for your team.

You have reached the Summit when your business runs itself.

Effective systems are reliable, repeatable, and deliver a consistent profit.

Also, if there is a hierarchy of positions within your company, you would detail that hierarchy and the relevancy of each relationship. Not everything in this section is based upon pure fact like the information you would have provided in the other sections. Development is a necessary part of business to remain competitive, so be sure to spend a significant amount of time when writing this part of your plan. You'll need to provide a record of your financial dealings, investments, if any, and how you came to the position you are in today.

With some flexibility, you can project how your company will be operating and assess your financial status, including how things balance out at the end of each month, the overall financial health of your business and your cash flow.

This purpose of this section is to help you outline the more administrative side of your business, including how you operate, where your office is located, your staff or assistant if applicable, equipment, overhead and other expenses, legal relationships, your network of suppliers and credit policies.

If you have a few advisers or people who help you to manage your business, this is where you acknowledge their involvement and the capacity by which they contribute to your overall success.

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