By Bob Donnelly

As you look forward to a new year, have you developed your business plan outlining the strategies you are going to implement to survive, thrive, and make money?

There’s an old business tenet: “nobody plans to fail – they just fail to plan.” Planning today in uncertain economic times is more important than ever. Monitoring cash flow is still the most critical aspect of business and life.

A business plan is a book about your business. It tells a story about:

• Where you’ve been.
• Where you are now, and
• Where you are going and what you expect to look like when you get there.

Let’s review the chapters of a well done business plan.

• Summary & Highlights – Where are we now?
• Key Problems & Opportunities – What will help or hinder?
• Marketing Summary – What will we do it with product-by-product?
• Strategies – How will we do it strategy-by-strategy?
• Organization – Who will do it our organization chart.
• Financial – What will we look like financially our financial statements.
• Contingency Plans – What if we do better or worse than planned. What is the plan?

Then the monthly review of actual results to expected/budgeted results, and the quarterly review of the strategic milestones, is imperative to determine if it will be necessary to implement any of your contingency plans. 

What does your business plan look like? Are you properly monitoring actual monthly results, to your monthly budgeted expectations? Are you on track to achieving the quarterly strategic milestones in your plan?

Do you have contingency plans to implement if actual results are better or worse than planned?   

Planning is essential for success in business and life. What’s your plan to survive, thrive, and make money this year?

Bob Donnelly is an author, educator, and brand builder for businesses and individuals. He can be reached at: rmdonnellyaol.com