What's Your Action Plan to reach that 5-year Goal?

In a previous article, we took a look at making a five-year plan for your business. The next step is to put that plan into action. What resources do you need? What steps do you need to take to get started? To make it even more challenging, you’re also trying to predict future events you might not fully be able to control.

Getting started is pretty simple though, and it begins with writing your plan down. There are many good reasons for writing down your business or marketing plan. This makes you take the time to think your plan through and will make you feel more confident in it.

You’re also more likely to carry it out. A study by Gail Matthews of Dominican University in California, found that you’re 42 percent more likely to achieve your goals when you write them down. 

So what should be in that plan? 

Preplanning. Take the time to make a careful analysis of your market segment. Who are the important players? Are there a lot of them or is everything dominated by a few giants? How is your industry structured? What is the cost of entry? What do they want? These are just a few of the question to ask. You may want to consider finding a mentor to show you the ropes or help you through rough patches.

Financing. No plan for the future can really be complete without a way to finance it. When it comes to financing, there is a pretty extensive array of options available to you ranging from private loans to venture capital to your 401k. There are even non-traditional approaches like Kickstarter to help you get your dream underway. Whatever approach you choose, it will dictate many other aspects of your plan.

Sales. You have to have something that someone else wants, and you have to convince them to part with their money to get it. Will you target a broad swath of the buying public or concentrate your efforts on a few select clients? How will you go about building your client base? For some ideas on that subject, here are some strategies you can employ.

Growth. Design your action plan to be flexible enough to take advantage of growth opportunities. Your plan should be also scalable, so you don’t have to radically alter it as conditions change. Consider alternatives, and have contingency options available to you in case things don’t go the way you thought they would. For some ideas on how to have a scalable business, check out this article from Infusionsoft.

A good business plan isn’t about the writing or the formatting. It’s about execution and results. Taking the time to not only consider where you want to go but how you’ll get there can help you achieve those results. That’s the real beauty of a business plan.