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An internal business plan is an important aspect for any type of business. Evaluating your company’s current position and setting goals for the future is the key to your company’s continual success. No one wants to take a passenger seat to the future success of their business and internal business plans serve as a proactive approach to ensuring your company remains on top. The constant changes in today’s society creates more of a reason to sit down and evaluate your business position, establish goals, determine whether or not established goals are reasonable, and formulate a detailed plan to successfully turn your goals into reality.
Reasons for Creating an Internal Business Plan
To increase sales: If your company’s sales have become stagnant or decreased in recent years then it may be time to sit down and formulate a plan to increase your sales. Your plan could include additional marketing, changing price points, or revamping your current products or services.
To cut costs: Small businesses have been hit especially hard with the economy’s downturn and it may be time to create a plan to reduce costs while still maintaining the level of quality and efficiency your company thrives on. The best results are achieved by creating an internal business plan that details exactly how you can achieve effective cost reduction. Cost reduction plans require extensive brainstorming, detailed analysis of current expenses, and exploring ways to improve efficiency (i.e., use of current technology).
Expand business operations: If you’re debating whether or not to expand operations to additional geographical locations or adding additional product lines or services to your business, an internal business plan is a smart way of documenting the benefits and drawbacks of pursing an expansion. You’re business plan will document potential gains and highlight the additional expenses anticipated with the implementation of the potential expansion.
The plan should include how the expansion is going to be researched to guarantee all aspects are considered in the decision of whether or not to pursue the expansion. If your company decides to move forward with the expansion then the plan should also include a thorough plan of how the expansion is to be executed.
There are many reasons why your business may need to create an internal business plan and we are available to assist with each step of the process. Our creative ideas in addition to our accounting background provide a great skill set to contribute to the successful creation of your business plan.
The first step to achieving any business goal, and perhaps the most important, is to proactively anticipate all possible scenarios that may occur and then document a comprehensive plan on how to approach each scenario; leaving little room for unforeseen obstacles to arise in the future.
Implementation of Your Internal Business Plan
Once your internal business plan is documented it is important to establish a timeline for its implementation. The timeline can be similar to a project plan and will estimate the amount of time and resources necessary to achieve each step of the business plan.
A timeline is important because it increases the likelihood of your plan’s successful implementation. For example, if your business plan is to increase sales revenue by 10% and the plan to achieve your objective includes the creation of a new marketing strategy and a plan to cut costs by 3% then you may want to establish a timeline for the following objectives:
- Time to create new marketing strategy: Establish a deadline based on the expected time to create a new marketing strategy. If the estimated time to complete the marketing strategy is 1 week then the deadline should be 1 week from when the execution of your business plan starts.
- Rollout of marketing strategy: Once your marketing strategy is completed and approved by management then it must be implemented. A strategy and timeline should be established for how to successfully execute the strategy.
- Cutting costs by 3%: Your business plan should include how and when the reduction in price will be put into effect. Will you gradually reduce the price over the course of time; perhaps 1% each month over the next 3 months or will you put a 3% reduction in affect immediately?
- 10% increase in sales revenue: It is important to establish a timeframe for when you expect your business plan to be fully achieved. The date is dependent on the estimates of all components of your business plan (objective 1-3 must be completed first).
Monitoring the Status of Your Business Plan
Once your business plan is created and approved, it’s important to monitor whether or not the objectives are being met within the established timeframes. Periodic reviews should be performed to evaluate whether the plan is still on track to be completed within estimated timeframes and confirm its being executed within the established budget. Management should hold a meeting to reevaluate the plan if any aspect of it has diverted from the original objective. We can perform the periodic review of your business plan and provide a report to management on the completion status.
Internal business plans are great tools for formulating plans in an organized and effective way and makes it easier to monitor the plan’s progress. Do you want to be the type of company that reacts to situations as they occur, or the company that facilitates growth and success with careful consideration and planning? Our expertise and creativity can help you create an effective, feasible business plan for whatever your business need may be.
Please contact us today for a free consultation and learn how we can help you manage your business with our business planning services.