Not having a business plan is like going to the supermarket without a shopping list: you don’t get what you aimed for and you spend money or energy on pursuing things you don’t need.
This was the message given to businesswomen when the Women in Business Regional Network met at the Swanport Hotel in Murray Bridge on Monday, June 24.
The lunch discussion focused on business plans: why they’re important and how each woman could easily put together a strategic plan to help guide their business decisions.
Most of the women present did not have a formal business plan, although it was clear all had some plans and visions for their businesses in their head.
“This is a key reason why the plans need to be put into writing,” network founder, Carolyn Jeffrey said.
“We all have so much we have to think about in our lives and it’s easy to forget a great idea for your business, or a step you need to take to achieve a goal. Often we can also get quite overwhelmed by how much we’re trying to store in our heads that we feel nothing is achievable.”
The women were given basic templates to be able to put together their plans and were encouraged to think hard about their business’s mission which should form the core of any planning and decision-making about a business.
“Too often we get caught up pursuing side hustles which aren’t part of our core mission,” Carolyn said.
“This can sometimes mean we threaten the success of our businesses because we simply lose focus of what we’re trying to do, and what we’re probably doing well.”
As well as a basic strategic plan, the women were also urged to look at plans for marketing, risk management, succession and their finances.
The women were presented with basic templates for their strategic plan plus some tips on what to include.
“I urge every business owner to ensure they have a written plan,” Carolyn said.
“If you can sit down and plan the steps needed to achieve your goals it will be a lot less stressful.”
The next Murray Bridge Women in Business Regional Network lunch will be held on Monday, August 5 at the Swanport Hotel when the focus will be on apps that can make things easier in your business and personal life.