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    • What is a business plan?
    • How To Do A Cash Flow Forecast

Question 4: Is your business working to your business plan

Of course the question presupposes you have a business plan. if you think you don’t need a business plan, how do you envisage that you will be able to control your business?

I used to fly for a hobby – we started off with microlights and moved onto light aircraft. Even in the microlight, which was about as simple as you could get so as to keep within the weight limit we still had some key instruments giving us critical information, such as the speedometer, the altimeter and the fuel gauge. We always drew a line on a map so we could see where we going to, especially as we were blown off course and needed to know where we were to avoid obstacles and controlled airspace. Similarly, in business, your business plan is the line on your map. You can see where you are going and where you are being blown off course, so that you can take correcting action to get back on course.

Like the speedometer and the altimeter your business plan should show you how fast you will get to your destination and how high. If you measure against your business plan you can see whether you are gig as fast or as high s you forecast. You also need information about cash flow – your cash flow forecast is like your fuel gauge: do you have enough cash to get you to your destination or will you need to refuel ( apply for extra funding)?

The business plan should really be for the owners of the business: to make sure that you have thought through all the various aspects and whether you have the skills to be in business; to determine whether the business plan is workable and whether you have a feasible business. It is also crucial for the cash flow forecast to have something to measure against and control your business against as you go along and if necessary take avoiding action ( reducing your salary – called “drawings”, increasing your sales effort or reducing costs). A free template of a cash flow forecast in excel can be downloaded from my website http://www.growyourtheraoybusiness.com

This week you could revisit your business plan and ask yourself:
Are you on track? If not what corrections do you need to make? Do you need to revise your business plan?

Recent Posts

  • Question 1: Why are you in business
  • Question 2: What Is Your Vision
  • Question 3: What Is Your Unique Selling Proposition (USP)
  • Question 4: Is your business working to your business plan
  • Question 5: What is Your current passion
  • Question 6: Want more hours in the day
  • Question 7: What Are the Obstacles in Your Way to Achieving What you Want to Do
  • Question 8: What are you doing to Plan Your Time & Prioritise urgent & important and make sure you take action on those plans
  • Question 9: What are you doing to clear up past messes
  • Question 10: How well are you measuring and controlling the business drivers ( key business indicators) out of 10
  • Question 11: Are there trends in the niche, market or industry that are likely to give opportunities to the firm
  • Question 12: Are there trends in the niche, market or industry that are likely to provide a threat to the firm
  • Question 13: Where’s the next competitive edge for your business
  • Question 14: which of your competitors are successful and why
  • Question 15: Are you still being a copycat
  • Question 16: How Good Is Your Pitch
  • Question 17: How Flexible Is Your Business
  • Question 18: How Are You Doing
  • Question 19: Do you have a clear sales funnel
  • Question 20: What is the Best Way of Getting New Clients
  • Question 21: Have you reviewed the optimum contribution for each product or service
  • Question 22: Are You A Seller or The Long Term Trusted Partner
  • Question 23: How are you spending your time
  • Question 24: What percentage of sales are from one person
  • Question 25: How Far Have you Come
  • Question 26: What Do You Want? How Do You Know When You’ve Got It? What Do you Need To Do?
  • Question 27: How Social Are You?
  • Question 28: What are You Prepared to Give Up?
  • Question 29: Who Are You Hanging Out With?
  • Question 30: What Can you Do To Increase Your Profit?
  • Question 31: How Effective Is Your No?
  • Question 32: how scaleable is your business?
  • Question 34: How To Win in Business?
  • Question 35: Look inside
  • Question 36: Whats your money mindset?
  • Question 37: What would Richard Branson do?
  • Question 38: What’s Your Money Mindset?
  • Getting Started

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