Business plan and goals

I run a small localized business that installs audio/video systems. So far I;ve been winging it. No plan, no goals. Just slapping things together and seeing if it works. I have been reading a lot about business goals and a plan. I think that structure and direction will take me the next level. I'm writing a business plan.

Me being a one man show, I want to hire a technician, get office space, hire more techs, then accounting, sales, etc.

My plan is more detailed, I just wanted to give you a rundown. One question I have is what do I use for milestones? When do I hire that employee? When do I get the office space? Is it a numerical number that people use to determine "ok, it's time to hire". Thats the only definitive marker I can think of. Any input would be appreciated.

 

Hi!
Business plans are something I actually love to write. So many people think business plan and instantly think 30 page report that is duller than anything else in the world. But actually they can be very exciting.. and even short. You only need a long business plan if you are planning on getting a loan or a grant and a short business plan can be rewritten by a professional to be longer if needed. Normally my business plans are up to 7 pages long once completed. I've actually written some as short as 2 pages! LOL.. Anyways to answer your questions:

what do I use for milestones?: use a calendar software system and write goals out with dates. You don't seem to be a set in stone type of person -- you could use a simple task system as well with projects instead. There are tons to choose from online just find one that fits all your needs.
When do I hire that employee?: When you realize that you are spending more time doing work and less time making money. Small repeated task can easily be outsourced to speed up work and save you time. You also need to consider what is making you more stressed and what will remove that stress.
When do I get the office space?: When you can either afford it or need it. I run 3 companies directly from home and don't have an office space for the pure reason I'm a work at home mother. Maybe after a few more kids, I might get an office space but I don't see the need for it. Make sure that the office space you get fills all your needs and you are able to make enough profit to afford it.
Is it a numerical number that people use to determine "ok, it's time to hire": No.. just when I need help and badly. It could be because I'm super lazy and just don't want to create another article or it could be because I just want to get the best logo made. If you think you need a number in mind -- write down every task you do for 3 days make sure to also track the time of each task as well. You should notice which tasks take up the most time and which tasks are just whatevers and could easily be given away to give more time to other elements. I recommend resuretime for tracking.. it helps a lot if you know how to use it!

Anymore questions just let me know... you're welcome to PM me as well. Best of luck with your business!

 

Very nice writeup. Thanks! Gave me a different way to think about it. The best use of my time is sales, marketing and advertising. the HR, Technical work, Service Dispatches and accounting is the bane of my existence. Like most of the entrepreneurs, we do it anyway without complaint.

for the past year I've been working IN the business. I turned it into a job instead of a business. I never worked ON the business. So that's why I'm taking the structured business plan a bit more seriously.

My business plan was going to be what I want, when I want it, and what daily tasks can I do to obtain it within the timeline. It's not going to be set in stone or an investment document. I am a "wing-it" kind of guy and even though it's worked out so far, I don't think that type of mentality that got me to this point can get me to that point.

I have a 14 month old and he doesn't yet understand the concept of common courtesy. I constantly have to run outside with the phone to keep the professional appearance. Office space would be nice, but the overhead attached with rent, insurance, utilities, phone lines, computer and furniture equipment, etc will keep me home until I absolutely need it.

you've written a lot of business plans. How do you set goals on marketing? I know saying "I want more customers" is not specific enough or measurable. Is it by leads per day or by total revenue? Thanks!

 

Not sure if you are looking for more reading material on the subject but "The E Myth revisited" is a great book to help anyone who is starting their own business. Just thought I would share it with ya.

 

Hi again. Here are the answers to your questions:

How do you set goals on marketing? I know saying "I want more customers" is not specific enough or measurable. : Marketing plans and business plans are two completely different things. A marketing plan can be included with a business plan because it tends to be super short. I mean a general outline of the tools you will be using , the duration of those tools, the frequency and their cost are the normal elements with a good marketing plan. I've seen some that have only numbers and some that are word based. It's all about you and how you react better to a marketing plan.
Is it by leads per day or by total revenue?: This is all about personal choice. I say percent is the common way. Does the system you use get you an increase in revenue slowly or quickly? What about the amount of clients that come your way? All those questions can be answered when you are using your marketing plan.

Basically the key to a successful business plan and marketing plan is enough research to provide great information. The length has no value if the content sucks and won't help you at all! Get help when needed as needed and you should be A -Okay.

 

I am not convinced if you will really run a business. You will be in danger if you say that there's no plans and goals. Your business will go astray in that case. So, better have a S-M-A-R-T goal first.

 

Business planning is an investment report includes several analysis and showing feasible points of market, production processes, raw material, employment, capital, taxes, cash flows, etc.
You need to read a business plan to decide if a business is worth to do or not. You may also need to show it to potential financiers.

If you already have a running business, the plan is named as Business Development.

Business planning is not a "what to do" list.

 

You need to know where your sales are going to come from. Everything else is just comes second your list outside from taking in money. Without any sales, you have no growth and its the life span of your business.

 

I agree. It sounds a bit like you plan to get carried away. I would not advise you to add any additional expenses (until you are making 4 times what you would make if you were the technician).

 

Once you apply your new attitude, you will begin to make many new and suggestions that amazingly help you to move faster to accomplish your business. Despite, discover some effective business owners who have the lifestyle that you want.

 

For your business setup , You don't need to hire a technician and all, you can take office on rent according to your requirement and location.Just search about that kind of company.

 

Good comments all!
So, I'll put on my fool cap for a second

If you have customers and are seeing revenue, then you don't need a business plan
What you may want to focus on instead, is an Operations Plan, and, as mentioned above, a Marketing Plan.

The Operations plan will include the criteria and metrics for handling expansion (and contraction), hiring, budgeting, inventory, and all the stuff you need to keep your customers and employees happy, efficient, and productive. For instance, a metric like rate of growth for determining when to begin the hiring process for a new technician.

I'd also start documenting The Way We DO Things Around Here.

You can get away with winging it (up to a point), however that's not a great guiding principle for others that work with you.

Best of Success!