It is common for people to make a business plan based upon what they want to achieve this year when technically it would be much smarter to look back at what happened for you in your business during the previous business year. You want to be analyzing the events of last year and be searching for the answers to questions such as; what worked well? Did I work hard? What earned/lost me money? What should I do differently?
Justin Cobb is always right beside his business partners when they start up and open their businesses, he is there every step of the way, coaching, supporting and mentoring them along the journey. He says “Before drawing up a smart and effective business plan, you have to invest a few hours of your time to look back over the previous business year and assess both your personal life that year; relationships, health, family. And your work life: Personal development, finances and achievements, and losses.”
Justin Cobb admits that dissecting everything about the previous business year may seem daunting and might even be a negative experience for some. Assessing the mistakes that were made, the broken promises, and the commitments you didn’t meet. But comparatively, recognizing all of these things will feel like a weight has lifted and things will seem much clearer when planning the future for you and your business.
The one-page business plan must be an extract of the most important information that will ensure you have complete success going forward into the new business year. This is the evaluation and the things that you have learned from looking back at the outcome of last year, and what you will implement heavily into the next one. You will write up the most important goals that you must stick to, both financially and personally and the finances you need to bring in and also spend, to meet your targets. Justin Cobb says “After you’ve collected all of this information and written those things down, you must print it, frame it and revise your plan daily. Remind yourself every day to stay on top of the business plan, what your daily goals are and remember your purpose.”