Every businessman wants to be their business more profitable and help them enjoy what they are doing. But to keep everything running smooth some sort of business plan is necessary. In the past, this processes was time consuming and cumbersome. The result has been worthless documents that are filed in a file cabinet or on the computer.
There are lots of plans available online but its very difficult to find the one which helps your business to grow exponentially, here are some of the basic points describing the importance of having effective business plans
In the coming article, we will discuss about how to prepare your business plan for other business owners.
There are lots of plans available online but its very difficult to find the one which helps your business to grow exponentially, here are some of the basic points describing the importance of having effective business plans
- It should be used as a daily reminder of what is the purpose of your restaurant. A recent book called the "Habit Factor" details how good habits make successful businesses.
- It should be read in less than five minutes. Lengthy business plans are not read because the human brain needs fast information.
- At least monthly, your employees should revisit business plans. Before hiring a new key employee, the key employee must sign off on the business plan.
- Each key employee should be allowed to have input into the business plan as long as your vision and mission have not been changed.
- You want the key employees to have a vested interest. The number one complaint that restaurateurs have is that the key people and employees are not on the "same page". Restaurateurs need their employees to work on the right things and achieve specific results. After you have created it, then have your key people create their own plan. You should have different business plans for you as the restaurateur and your key people. Your plan will be modified after reviewing their plan and their plan will be modified after reviewing your plan!
- The ROI=return on investment is high for brief and well drafted plan since it takes less time than a lengthy plan and is able to digest on a regular basis. Regularly reviewed these plans to gets results.
- Verbal plans are worthless. Written plans work. When we write, we choose words more carefully. The written word requires a higher produces a contract that can be reread, refined and can be modified as times change.
- It influences behavior. For instance, when the server or kitchen people have to make a decision, the business plan controls behavior. For example, if a guest's food is not cooked to their liking, these plans is a guiding direction to what action is to be taken.
- Example should be written that explains how these plans and the employee's actions are consistent. The business plan is the skeleton while the action plans are the meat.
- Plans are valuable because they provide a blueprint for where you are taking your restaurant(s) and how you will get there. Establish scorecard tracking and monthly progress reviews.
In the coming article, we will discuss about how to prepare your business plan for other business owners.