Opportunities that leverage successful performance, such as better customer handling and automation that may decrease job turnaround time, should be described in detail in your business plan. These could be reported as dollar potential should the opportunity be pursued. When a business owner considers threats, such as competitors initiating a price war or major accounts going out of business, it is much easier to have a contingency plan of action.
The focal point of any business plan is not what is planned, but how it will be accomplished. Embedded in the strategy should be a set of assumptions and a rock-solid commitment on the part of the principle players at the firm. Business plans should express in concrete terms the vision and mission of the enterprise, and that vision should be reviewed and updated annually
You may be surprised that when major decisions need to be made unexpectedly in mid-year, reference will often be made to the company’s business plan, and that will direct the business to make the right decision more often.