How Interim Executives Write Business Plans
Interim executives often find themselves helping small businesses by creating a business plan that defines goals and helps achieve them.
Not every profitable small business starts off with a business plan. Because the idea, structure, and market change so much in the initial days, entrepreneurs just keep going with the flow without one. But as the business begins to grow, enters new markets and attracts investors, the lack of a business plan becomes painfully obvious. When interim executives step in, one of the first things they do is create one.
Writing down your goals, strategy, and tactics helps provide clarity and purpose to your business. Interim executives help you build a stellar business plan that will lead you and your employees in the right direction.
Define your vision
When starting a business, the founders are very clear in what they want to achieve, what products or services to deliver and how to cater to their target market. However, after some time those ideas can get lost in the midst of the hustle and bustle of running a fast-growing business.
A written business plan helps solidify your vision and serve as an anchor anytime you get lost. Furthermore, employees will be able to identify with the mission of your company if it is shared with them.
Set big and small goals
Don’t fall into the trap of only making small goals so that it’s easier to achieve them. Dream big and then break down your vision into smaller goals that work towards it. Divide your goals into three categories:
- Long-term goals
- Mid-term goals
- Short-term goals
Each kind should contribute to the level above it. Find ways to measure them and then track progress against Key Performance Indicators (KPI’s). If you’re not making much progress, then shift gears and create new plans to meet those objectives.