Whether you realize it or not, January may be the most important month of the year for your retail store. What you do in January can either set you up to exceed expectations or simply repeat expectations. Most independent retailers get so lost in the day to day operations that they rarely take a day to look "above the trees" to see where their business is headed. Typically labeled "putting out fires" it's even become an acceptable excuse for not doing our jobs as small business owners. The truth is, I had to force myself to stop and examine the health of my stores. Each year, I would take at least one day sometimes two to go away and plan.
7 Ways to Make “Write a Business Plan Month” Work for You - Small Business Trends
Here are seven tips to kick-start the process:. One of the easiest ways to get started with the planning process and make it work for you is to think about what you do best. What differentiates your business from the competition? What do you enjoy doing? What would you like to do more of? Are there other markets you could go after? Then think about what are you not doing enough of.
Whether you have a brick and mortar store, an online shop or travel for markets or pop-ups, the field of retail gets more competitive every year. A proper small business plan for retail is imperative for a successful SMB. This is true for businesses that simply need more direction and organization or for those that are seeking financial investors or business loans. Business plans can vary in the number and types of sections, but here are a few steps you should think about while crafting your plan. You need to make it clear exactly why you are writing this plan.
Business plans have long been a critical document for new businesses. Are they still relevant? If so, what best practices and data can help you create a winning document that will help your business get the funding you need and ensure your venture lasts? Before digging into the best way to craft a business plan to help you crush it, and spending hours or numerous dollars on commissioning one, do you even need one? A decade ago anyone you approached with a business idea without a plan would have laughed and shooed you away.