- Written by Rekha Krishnamurthi, Creative Business Rules.
This week’s topic is about creating a one-page business strategy plan for your business. When you are starting a new business endeavor, it is always recommended to write a business plan. A business plan is an essential roadmap for business success. However as a small creative enterprise or solopreneur, it can be difficult to complete all the elements of a traditional business plan and can the process can feel overwhelming.
So I present to you a simplified one-page business strategy plan. The purpose of the one-page business strategy plan is to help you get clear on your immediate goals (6 months – 1 year), it explains what your business is about and it provides a foundation to build a detailed business plan later on.
So let’s get started!
Step 1: Define your business by answering the following questions:
- What products do you sell?
- What services do you provide?
- Who are your customers?
Step 2: Formalize your mission statement.
- If you remember, last week’s lesson was on crafting a mission statement — if you completed the lesson, this part should be done! If you missed last week’s lesson, you can read it here.
Step 3: Identify 3 business goals you wish to accomplish in the next 6 months to 1 year.
Step 4: For each goal, develop a high-level tactical plan that explains how each goal will be accomplished.
Step 5: Identify key success metrics for each goal. You can’t track success unless you measure it.
Step 6: Identify other income streams. It is important to stay diversified and always have multiple income streams. If you are product based, is there a service you can offer and vice versa, if you are service based, can you create digital products. Start noting different ways to expand your business and how you can generate additional sources of income.
Step 7: Identify any obstacles / challenges that will prevent you from achieving your goals and determine how will you work around them.
To make it simple I’ve created a sample template of what a One-Page Business Strategy Plan would look like. Every month, review your plan and make sure you are on track to completing your goals. Update the plan as needed. Treat this as a living, breathing document; it is not meant to be static!
Once you’ve completed your business strategy plan, share with me one of your critical goals that you wish to accomplish within the next 6 months. Share it with me on the Creative Business Rules Facebook page or Tweet it and tag @CreativeBizRule
Rekha Krishnamurthi is a creative entrepreneur, business strategist and small business advocate. She launched Creative Business Rules to provide small business & creative entrepreneurs business strategy and online marketing solutions to help turn creative endeavors into a sustainable and thriving business. Be sure to subscribe to her newsletter - each week, she’ll be your personal virtual business consultant and provide you with a valuable business tip that you can implement immediately! Sign up today in order to receive the complete step-by-step details right in your inbox! Follow on Facebook, Linkedin, Twitter and Google+.