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Starting: If You Don’t Need Money, Do You Need a Plan?

Most entrepreneurs develop business plans when starting their businesses. They do so to better understand the business opportunity, set their action plan, and to present to investors and lenders to raise money.

However, most entrepreneurs stop there. This is a shame, since the right plan can catapult a company’s success. Below are three keys to a business plan to grow your company’s revenues and profits:

1. Use it to Identify the Right Opportunities to Pursue: Most entrepreneurs can quickly identify several growth opportunities such as targeting new markets or developing new products and services. Importantly, each opportunity must be assessed with regards to the company’s current strengths; since you are much more likely to succeed performing functions you already have expertise in, versus trying completely new things.

2. Use it to Set Goals & Action Plans: Setting annual, quarterly and monthly goals is critical to business growth. Importantly, for each goal, you need a corresponding action plan. For example, setting a goal that you will increase sales by 25% can only materialize if you plan out how it will happen. Will you try new promotional methods? Will you improve your sales scripts? Create your goals, and plan out how you will achieve them.

3. Use it to Set Your KPIs: KPIs or Key Performance Indicators are the metrics that judge your business’ performance. Examples of KPIs include: sales, new customers, website visitors, COGS, etc.

By establishing and tracking your KPIs periodically (e.g., weekly, monthly), you will see in real-time how you are progressing towards achieving your goals. And, as needed, you can modify your plan before it’s too late.

Dave LavinskyCo-founder,
Dave is an internationally renowned expert in the fields of business planning, capital raising, and new venture development. Over the past decade, he has guest lectured at top universities, developed over 100 business plans and written hundreds of articles on entrepreneurship. | @davelavinsky | More from Dave

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Discussion (3) Comment

  1. VicVisitor

    We always need a plan. We need a vision to be able to see what lies ahead. But we need to be specific and realistic. Yeah, money is not it’s all about. We will realize it when we have more money, but we still feel like lacking.

  2. SaswatiVisitor

    Could you tell me something more on look beyond resumes?

  3. shyamVisitor

    “We believe that making a difference in one person’s life far outweighs the number of facebook likes or fans or followers. At “Look Beyond Resumes”, we help people find the careers that fit their personality and NOT just their skills and education.Stop being defined by a piece of paper and get your voice heard.”


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