Small-business owners are often tasked with creating the plan for their company for the upcoming year by themselves or with a few trusted advisors. Building a business plan isn't easy, in fact, it can often take days or even weeks to complete. The business plan for small firms will also be influenced by the enterprise owner's level of optimism as he or she enters the year.

A recent infographic that uses data collected by ecommerce companies Alibaba.com, Vendio and Auctiva revealed 37 percent of participants believe the economy will improve and 48 percent believe they will see an increase in revenue throughout 2013. These survey results demonstrate many firms are feeling good about 2013, despite the fact that 87 percent of respondents are delaying hiring until they are sure their companies will see success in the upcoming year.

Get the business plan right in 2013
Many small-business owners have differing outlooks for the upcoming years, but that doesn't change the steps they have to take when creating a business plan. A recent article for Fox Business provided a list of steps small firm owners can add to their business planning procedure to improve their performance for the upcoming year.

  1. Have an idea of the value of the firm: Small-business owners often value their company more than investors or firm buyers will, and those are the opinions that matter. The value of the business could be only a few thousand dollars even if the company owners poured tens of thousands of dollars into it. Knowing how much the company would be purchased for is important when small-business owners create the business plan for the years ahead.
  2. Build a strong board of directors: Businesses that have a team in place to guide the company through the upcoming years will often find that they are able to navigate through tough times better than firms that have only one person making all of the decisions. The members of the board can use business plan software to ensure the company's budget looks solid for the upcoming year. They can also verify that the organization  won't be overextending itself by bringing in more staff.
  3. Review the work of employees: Small-business owners who want to get ahead of their competitors need to make sure that their employees are productive and efficient in their roles. By including employees in the business plan for the upcoming year, firm owners can get the most out of the staff, and ensure that they are not paying staff members for poor performance. Having employees reviews also presents the opportunity tor training employees on best practices at the firm.
  4. Part ways with problem staff: Businesses evaluating the progress and work of their staff will know when employees are not getting the job done. The business plans should have a strict policy on firing employees who are not working up to the expectations of the firm owner. Setting a precedent for employee performance will motivate other staff members who want to maintain their good standing at the company.
  5. Continue to seek out new leads: Being complacent is one of the worst things small-business owners can do when they are creating their business plan for the new year. It should be clearly stated, each year, that the company continues to work on new leads and find prospects that could be turned into paying customers. It's important to never settle and always be working to bring the company more success.

Following these steps when building a business plan will give small-firm owners the opportunity to capitalize on potential customers and continue to work toward growth, despite the current state of the economy.

 

 

var addthis_config = {services_compact: ‘facebook,twitter,linkedin’}