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To Have a Business Plan or Not, that is the Question

By Wendy Tate, Feb 11 2019 10:28AM

When I started my business back in 2014 it didn’t occur to me that I needed a formal business plan, after all I wasn’t looking at world domination, to set the world alight or even become the next apprentice. I just wanted to earn a modest income doing something that I loved and had trained for.

I would like to say that all changed when I met a Business Coach but it didn’t I still wasn’t convinced a Business Plan was something I needed to worry about. Well, I was persuaded to write one, to set some goals and plan how I would go about achieving them.

So, as I begin year 6 I went back and had a nostalgic look at that Business Plan, I had just four goals.

1. Increase my clients, I had 8 at the time

2. Move at least 50% of clients retainer packages (this wasn’t something I can take credit for, Brian’s idea)

3. Attain Xero Silver status

4. Increase turnover to £££, this goal was also set by Brian, and something I wasn’t sure was attainable.

How did I do?

1. I now have 36 clients

2. 75% of clients are on retainer packages.

3. I am now a Xero Silver Champion Partner

4. I achieved my target turnover two years ago.

Wow, so the Coach was right, set some goals write a plan and things happen. Guess what, I have just written a business plan for the next 5 years! I used the old template, it was basic so I updated it added some new sections and a set of new goals. I have really given some thought to things what Bean Counters ideal client looks like, time efficiencies to work towards and turnover goals for each of the next 5 years.

Its amazing the effect it has had a new plan with new goals has given me a renewed vigour for the business I started from scratch and am very proud of.

Here’s to the next 5 years!

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