Business Plan versus Business Action Plan – which one should you be completing?
This is a guest post by Melinda LeClercq from Little Biz Keeper. Melinda will be working with Queensland start ups to get their work at home business launched.
To be successful in business it takes planning and action. There is no point in spending time on the planning if there is no action, and success is never achieved by taking actions that have no thought or planning behind them. No matter how small or big the business is, or whether the business started last week, last year or is starting tomorrow having a well thought-out business plan and a clear, concise business action plan will ensure success is achieved.
Why should you have a business plan?
A business plan is about establishing the “who” and “what” of the business. A business action plan is the “how” and “when”.
A business plan establishes the following:
- Business Management – who is running the business? What qualifications do they have? What skills and talents do they have that will
- Competitors – who are the competitors? What are their strengths and weaknesses? What makes your business different to them?
- Customers – who is your target market? Where are they? How do you find them? What are they looking for and how are you going to deliver it to them?
A business plan is designed cover the fundamental elements of the business. What are you selling, how are you selling it, where you are selling it.
How is a business action plan different?
A business action plan or strategic plan outlines the “actions” you need to take top achieve the goals for the business, and when they need to done by. Generally it covers:
- How success is going to be measured?
- What are the goals?
- What steps need to be taken to achieve the goals?
- How is going to be responsible for each step?
- How much is each step going to cost?
- When does each step need to be taken?
- When will it be completed?
The action plan is how a business owner stays focused to ensure that the business is moving forward. It tells everyone involved in the business what needs to be done, how it needs to be done, and when it needs to be completed for the business to grow and prosper.
Why do you need both plans?
To ensure success for your business, you need to both a clear road map of where you want your business to go and a sense of direction of how you plan to get your destination. With both plans in hand, you can go conquer the business world!
Interested in applying for the grant? Applications open on 24 August 2015, forms and program guidelines will be available online at www.business.qld.gov.au/homebusinessgrants
You’ll need to provide the details of a business mentor to get started.
