New Year, New Business Plan

November 29, 2021 | by BMI Staff

Calling all business owners! December is National Write a Business Plan Month. If you’re an existing business owner or are planning on starting a new business soon, now is the perfect time to hash out all of the plans you have in order to create success in the new year.

Write Your Executive Summary

The same way a dissertation needs a thesis to hold the entire argument, your business plan needs a summary. This half-page description of your plan’s purpose will serve as the focal point for the entire year. What is the main goal you want to achieve next year? Do you want to promote brand awareness? Maybe you’d like to increase capital? Maybe your primary goal is to grow your team and cultivate successful people to help promote your company. Whatever the goal, use this space to outline exactly how you plan to get there. Don’t be afraid to be specific. 

Describe Your Company & Industry

The next step will be to write out a business description. This is a great space to discuss the risks that accompany your industry. What is the niche you are filling within that industry? If there is nothing that especially sets you apart from competitors, maybe finding that differentiating factor can become a goal in the upcoming year. Evaluate the market trends within your industry; in what ways do you foresee the industry growing or evolving in the future? Performing this industry evaluation thoroughly, and providing supporting data for each claim, will assist in securing investors. 

Plan Your Goal Execution

If you’ve gotten this far, don’t quit just yet! Now is the time to determine exactly how you will execute your above plans, keeping in mind all of the industry trends and potential risks we outlined in step two. Start by detailing your organizational structure for moving steadily toward your goals. What sort of daily operations will take place in order to get you to the goal? Discuss your leadership team and their credentials. What tasks will each person take on in order to achieve the goal? Include a timeline within your execution plan, with mini deadlines throughout. 

Plan Your Marketing 

We can’t forget about marketing, can we? In this section, you’ll discuss all of your plans for promoting your business, attract new customers, and retain existing clients. Use this time to figure out how to build a campaign that will keep people coming back. Determine your marketing budget as it pertains to each idea. Decide what will push your brand further than the competitors. Complete an analysis of your competitors to ensure you’re not repeating them, but rather surpassing them in your own marketing. 

We wish you all the luck in your future business endeavors, and remember, your BMI agent will be able to set you up with the perfect insurance for your growing business!