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Effective ways of using a business plan

One of the best ways to ensure your business plan is used and not gathering dust is to have your copy on your desk at all times. Don't print it in color. Don't bind it. Don't make it look nice. Add margin space and leave some half blank pages throughout.

Many business plans are viewed as finished documents because they are put into "presentation format" when they are initially produced. This is great for taking to the bank manager but it is not so useful within your business. By leaving it in a non-perfect form, with spaces for handwritten notes and ideas, you will break the mental pattern that sees your plan as being complete.

Instead, whenever you are considering a change of direction or a new opportunity, pick up that tattered, dog-eared document and flick through - how does this new opportunity fit with our objectives? What threats or competitor activity have we previously identified that we need to consider? Does this open up a whole new game book that requires additional research?

Make notes on your business plan, highlight sections and cross out information that is no longer relevant. Every now and again, update it and print out a new copy. Then use it and abuse it as much as you did the last copy.

Of course, for this to work is does have to be a well-written business plan in the first place. I recommend starting with very clear objectives but that really is a whole different article...

Learn more about this author, Jacqueline O'Donnell.
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Below are the top articles rated and ranked by Helium members on:

Effective ways of using a business plan

  • 1 of 4

    by Hayley Solich

    YOUR BUSINESS PLAN CAN MAKE YOU MONEY!

    You go to all the trouble of putting together a professional standard business plan,

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  • 2 of 4

    by Will Kester

    I like the title, reminding entrepreneurs that the plan wasn't created to just seek financing, and then let it collect dust.

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  • 3 of 4

    by Jim Smoot

    Every business needs a good business plan. It's one of the first things they teach you in business school. One of the big

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  • 4 of 4

    by Jacqueline O'Donnell

    One of the best ways to ensure your business plan is used and not gathering dust is to have your copy on your desk at all

    read more

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