By Bijal Modha, DB Modha.
Running a successful business doesn’t always go to plan, but having a plan in place makes it easier to overcome any problems that arise. Below are some examples of how I did it, and my top tips for planning for success:
Do your homework
It’s important to start with a light bulb moment, but I think after that point, the head needs to rule the heart for the idea to work. A business plan is about knowing as much as you can about the market and your business to minimise risk and make the investment as successful as possible.
I try to get as much information as possible, both before starting my business and during the running of it. It’s important to have access to information about my company’s performance, and how close it is to reaching its goals.
Use your plan every day
I initially used my business plan as a proposal to the franchiser but I have continued to use it to run my business day-to-day. It lays out my responsibilities and my employees’ responsibilities, as well as reminding us of both our short and long term goals. With defined metrics to measure progress, we can see if we’re on track to reach our goals within the timeframe. Not only does this mean we can celebrate our successes, we can also identify any problems before they become serious.
Things don’t always go to plan and you should be flexible when you spot opportunities. It might seem like a difficult task at first, but writing a business plan and using it to help run your business can prove very helpful. It’s also worth bearing in mind that you don’t have to do this alone. An advisor like an investor or accountant can help you to review your plan. Having someone from outside your business look at your plans and goals can provide a different perspective.
I’ve found that spending time writing a plan and then using it to help me in the day-to-day running of the business has paid off the long run. With the help of a business plan, I have managed to map out my ideas and turn those ideas into a reality.
Bijal Modha owns and runs five jewellery stores across the South East. In addition to this, he has just started designing and manufacturing chocolate shapes through his new company, Schokolat.