Planning for a Healthy Business
Earlier this year, GROW’s Business Development Officer, Mary Hartfield, led our GROW Connects class about planning for a healthy business by sharing 4 essential steps. No matter where you are in the development of your business, asking yourself (and answering!) these key questions will help ensure that you create and manage a healthy business that’s built upon a strong and long-lasting foundation.
4 Steps to Planning a Healthy Business
This begins with your “back-of-the-napkin” idea and then fleshes out, becoming more involved and putting teeth to inspiration. Think about upcoming research, and consider a self-assessment. Are you ready to be a business owner?
This is where you begin to identify the resources you’ll need to become a business owner, including finances, value propositions, and unique audiences. You also need to look introspectively and make sure you’re both professionally and personally ready to take on this new and challenging venture.
Begin developing a strong business plan by putting real numbers, revenue sources, and data behind your idea. Develop 2-year financial projections and think about where the money is going to come from. A strong business plan will help you build a business based not only on passion, but on thoughtful, realistic strategy.
Create Your Action Plan and SMART Goals
Planning for your future involves a strategic action plan and SMART goals. To the professionals at GROW, SMART stands for:
Specific: Be as detailed as possible.
Measurable: Make sure the goal can be measured, that’s how you determine if it’s been achieved.
Attainable: The goal should be realistic, something challenging, yet in your sights.
Relevant: It should be directly related to propelling your business plan forward toward success.
Time-Based: When a measurable timeframe isn’t associated with a goal, there’s no sense of urgency or motivation, and they become less of a priority.
When you attend one of GROW’s Planning for a Healthy Business classes, these steps are what we focus on. While they may be easy to outline, they are difficult to achieve on your own. That’s where we come in. Through our programming, we work with you to put the plan together and help you get started on the right path. It’s through this support system that your business can get off to a strong, healthy start.