Why you need a business plan, no matter what stage you’re in.

By Altitude Advisory |

Business plans need a new definition. They’re often perceived as a formal document that every company creates at the start, then loses its shelf life, months or years later. When really, business plans should be robust, alive in your team and regularly iterated. It’s not some sterile, static resource, but rather, the driving spirit of your business.

Throw out any assumptions you have about the old ‘have to do it’ business plan. Creating yours is an exciting, fun process. It’s the work you look forward to, not just another ‘to-do.’ Make this perspective shift before you start to get in the right headspace. Your business plan is the roadmap to reaching all your goals, in business and life.

Businesses exist in seasons, and you need to plan for each one – launch, growth, maintenance, and succession. Call it your launch plan, growth plan, maintenance plan or transition plan. Make ‘business plan’ meaningful for you.

Goals: Steer your business in the right direction

As a business owner, you’re juggling a million different things – your employees, clients, investors, accountants, family, thoughts, goals, ideas, competitors, and fears.

Without a ‘single source of truth’ for your business, it’s easy to lose focus and direction. A business plan avoids ending up years down the road with a company that you don’t recognise or want. With your roadmap, you won’t get lost in the busyness of business.

Use the business plan to get clarity on your goals and guideposts. Explore them, define them, then immerse them into your team’s DNA. Everyone should know where you’re headed. We work with you to revisit the goals every quarter to make sure you’re still in alignment.

Money: Reduce risk & financial loss

With a document that outlines exactly where you plan to go, you’ll protect the company from unnecessary loss. List your financial needs and revenue model.

When you don’t have a business ‘GPS’, you can go in the wrong (expensive) direction. Look at every decision through the lens of your plan. Will it edge your closer to your goals or take you off-track? We can help you stay on track.

People: Help with hiring & funding

With a living document of your mission, goals, financials, people, operations, sales, and marketing, you’ll attract the right people to your business. Whether that’s employees, new partners, stakeholders, or investors, you’ll be strategically positioned with a plan that documents the path forward.

Don’t be afraid to personalise and humanise your business plan. The more personal you are, the better you’ll connect with future people who’ll join the business.

Opportunities: Work on the business, not just in it

Redefine the SWOT analysis acronym. It’s business speak for positioning and differentiation, prompting you to consider your Strengths, Weaknesses, Opportunities, and Threats.

In other words, what sets you apart, what you could improve, the opportunities, and the possible barriers. Double down on what you’re good at and be conscious of what might get in the way.

Map your business action plan

This is a catch-all document for your business. It’ll highlight all the important information about your goals, clients, team, financials, market, competition, marketing, and forecasting.

Think of it as your action plan, or maybe it’s your profit plan, just not your business plan.

There’s no right or wrong way to do your plan. Keep it as short as you need, in order to immerse it within your business. It’s not a long, corporate document but rather the ‘stake in the ground’ for your business. It’s your Everest, with the milestones as mini basecamps.

Altitude is your ‘sherpa guide’ on the way up the mountain.

We create business action plans for start-ups and established businesses, then stay by your side as your strategic partner, to the finish line… for whole of life happiness.

Get in touch to discuss how we can help you plan to achieve your most ambitious business and life goals.

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