The business plan is written and ready for implementation. Now what? As a guide for action, the business plan sets out the strategies for business startup and continuity, and presents the operational financial plan. Planning and taking action are two very different activities. Once the entrepreneur begins implementing the business in the real world, challenges are sure to arise.
The strategy and implementation summary section of the business plan identifies the path the business intends on using to establish and grow the business. It includes strategies identifying how the business will maintain a competitive edge, market the company, grow sales, develop a network of contacts and customers, and so on. Milestones are established that include the budget for implementation of each step. However, entrepreneurs commonly run into difficulties which is why so many new businesses fail within the first five years after startup.
Planning for the Difficulties
Common difficulties business owners face and possible solutions include the following:
• Problems with development of products described in the business plan (reorganize to better support product development)
• Difficulty hiring and retaining skilled personnel (try using a human resources consulting company)
• Marketing efforts fail to produce desired results (revise the marketing plan)
• Funding for strategy implementation proves to be inadequate (re-evaluate financial needs, revise strategies, and/or seek new investors)
• Entrepreneur discovers he or she needs to strengthen management skills (take advantage of workshops and assistance offered by organizations like the Small Business Administration and the Chamber of Commerce)
• New and unexpected competitors enter the market (revise product and service differentiation or marketing strategy)
• Lack of a solid network (begin networking online through social media and offline through community business organizations)
These are just a few of the problems entrepreneurs may face when starting a new business. A quality business plan addresses strategy and implementation by outlining the strategic assumptions, supported by market analysis. If the analysis is thorough, the entrepreneur conducted a SWOT analysis and included contingency planning. An entrepreneur may experience difficulties, but those difficulties should not be a surprise.
Business Plan Revisions
The final business plan should never be final. It needs regular review and assessment in light of the results of actions taken and the difficulties experienced to achieve business startup, smooth operations, and growth.
The business environment is dynamic which is why OGS Capital has a cadre of business professionals with real-world experience. The consultants are experts in writing business plans, including strategy and implementation summaries. They are also ready to assist entrepreneurs who need business plan revisions as a result of difficulties encountered during startup and early stage operation. Submit the online contact form to begin discussing options.