Business Tips :Starting you planning engine: Part four

Starting you planning engine: Part four - Time Frame

Sunday,June 22 ,2008

The time frame for your business plan

The time frame represents how far out into the future you want to plan. We want our business to grow successfully for years into the future but that does not mean your business plan goes all the way forever. Each plan covers a specified planning period. Some are designed to get a company to a defined sales level, a funding objective, or the achievement of some other growth goal. A good business plan covers a time frame that has a realistic start and finish, with a number of measurable checkpoints in between.

Setting up a schedule and committing to it.

How far your planning idea will go? All depends on the kind of business you are running and at which industry your business is moving. Some ventures have six months to prove themselves. Others are moving slowly but growing securely, all depend on the kind of business you have. Make a research about your business niche; keep in mind your goals and make a schedule for your business plan from now to the future.

Typical business plans, tend to use one-year, three-year, or five year benchmarks.

Business planning is an ongoing process. From year to year — and sometimes more often than that — companies review, revise, and even completely overhaul their plans. As you establish your time frame, don’t worry about casting it in cement. Instead, think of your schedule as something you commit to by putting your thoughts down on paper, you give each question the attention it deserves.

Defining Mile Stones

Setting goals and objectives is a critical part of business planning. But knowing your goals and objectives isn’t enough. You can’t just say you will get around to achieving them; you need to establish and hold yourself accountable to a schedule that includes specific milestones along the way.

Example:

_Month 1: Complete business plan

_Month 2: Secure business loans

_Month 3: Begin search for retail space

_Month 5: Lease and develop retail space; begin hiring

_Month 7: Open shops; run holiday ads

_Month 8: Holiday shopping season begins

_Month 12: New stores become profitable

Category Business Plan

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