6. Strategic action plan - this is the most critical step of
your business plan, because without it, your business will not
get off the ground. This should include your sales and marketing
Rread How to create your web site marketing plan
7. Financial plan - a business can operate without budgets, but
it is clearly good business practice to include it. With budgets, you will be
more likely to achieve your business objectives, you will make
more-reasoned decisions and you will have better control of your
For any period, a cash flow statement would include:
- The cash and credit sales (or accounts receivable) expected to be
received during the period.
- The anticipated cash payments (for example, expenses for purchases,
salaries, utility charges, taxes, office expenses etc.)
- A description of other incoming and outgoing cash, with a calculation
of the overall cash balance.
This will assess how much money is on hand to meet your
financial obligations - what cash has been received and what has
been paid out. Knowledge of this cash flow cycle will help you
predict when you will receive funds and when you will be
required to make a payment.
8. Measuring and evaluation - you wrote your business plan and
set the goals with the intent of achieving them. So now break
them down into measurable pieces and monitor the results
regularly. A plan that cannot be measured is almost always
destined for failure. Celebrate your wins and recharge yourself
to accomplish your next goal.
Decide beforehand what constitutes a real serious loss and what
loss will be acceptable.
If you find your goals are unrealistic and unattainable, adjust
them, but realize that it takes hard work to achieve them, so
don't give up easily.
Now that you have a business plan, make it a part of
you by knowing and understanding it clearly. Build upon it
continuously and refer to it often, so you remain on track to
building a profitable business.
Download a free business plan template:
Sample business plans
Online business planner -
Herman Drost is the author of the popular ebook
"101 Highly Effective Strategies to Promote Your Web Site"
a powerful guide for attracting 1000s of visitors to your web site.
Subscribe to his “Marketing Tips” newsletter for more original
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