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How to make a 12 month plan — Goals, Vision, and Content

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This post may contain affiliate links. Please read the disclaimer

annual new year planning strategy

Ready to kiss this year goodbye and look ahead to the new year!? The #1 enemy of not accomplishing goals is a broken focus, so to get back on track for your new year, we need to reclaim our focus and make a plan!

> Download my free Annual Planner and Yearly Journal (50 page pdf)

12 month running business plan

Why create a plan?

  • Knowing you have a pathway to follow feels good
  • Planning inspires action
  • Setting goals makes you feel accomplished

In this post, we’re going to talk about setting goals with ease and taking inspired action for the year ahead. To do this, I recommend retreating to a quiet place and giving yourself time to really ask the big questions and ponder your big goals. 

Set aside an afternoon, a day, or even a couple of days if you can!

This is your business, and it deserves attentive and focused planning to grow and evolve. 

I’m going to let you in on a little biz secret — the most effective way to plan is to focus on ONE thing at a time. 

Don’t dive in and scatter lists all over the table or open up a million google docs at once. When you have too many things on your plate, your focus becomes blurred. Instead, take your time and work through this process slowly. 

I love this acronym…

FOCUS: Following One Course Until Success.

This acronym demonstrates how important it is to take action and follow through on each part of your business plan. The more action you take, the more progress you’ll make, and the more satisfaction you’ll feel!

The exercises I’m leading you through in this post are NOT about doing everything perfectly! We cannot let perfect action become the enemy of good action. 

If the past few years have taught us anything, it’s that perfect plans aren’t always the best. 

how to make a 12 month plan - goals, vision, content, personal retreat to plan the new year in your business

Step One – Pick Your Theme for the Year (Word/Idea for the year)

Choose a theme that will help inspire action all year long. To narrow one down, think about how you want to feel throughout the year. For example, this year my theme will be “inspired action.”

12 month running business plan

Step Two – Brainstorm How to Get There

Begin a list of ways that you can embody your chosen theme in the new year. How can you bring that theme into your life? 

Use this list to invigorate yourself when you get off track. 

Step Three – Set 2 to 3 BIG Goals

Now it’s time to get more specific. 

If you were to accomplish something distinct in the coming year, what would make you the most excited? The proudest? What 2-3 big things will make this upcoming year feel like a success if you get close or achieve them? 

Maybe it’s scaling your revenue with existing products, or creating clear boundaries in your business? Whatever the case, set goals that are a little uncomfortable but not TOO uncomfortable. The best goals are hard to reach, but not impossible. 

What 2-3 goals come to mind?

Step Four – Create a “Would Be Nice” List

Brainstorm outcomes that could be easily achieved by working on them for a few days or by occasionally working them into your schedule. These would-be-nice outcomes don’t need to be major goals , but they do need to help support how you want to feel throughout the year. 

An example? Maybe you want to feel more refreshed and at peace in the new year, so you choose to spend more time in nature and hike at least once a month.

Brain dump a list of “would-be-nices” like this example that will help you feel better. Go for it and list as many things as you can!

goal planning

Step Five – Gather Data from the previous year

Now that you’ve set your theme, big goals, and would-be-nice ideas, it’s time to dig into the numbers to see where you have room for improvement. Open up those past year metrics and take a look! They are the key to making a plan and achieving your goals.

A quick note: Some people tend to start with the numbers and work backward. My advice is to not do that. Instead, begin with how you want to feel in the next year, like we have in the steps above, and set those intentions before you ever look at the data. 

As business owners, we can easily get wrapped up in the numbers. But to be fulfilled in our lives, we need to start making decisions based on our desires. 

So what do you really want from the new year?

Once you’ve decided what you want, the data will show you how to make informed decisions to get there.

Data to gather may include:

  • Website analytics
  • Subscriber info
  • Profit and Loss sheets
  • Notes and Journals

Think about how much you made in the past year, how many email subscribers you added to your list, how many visits there were to your sales pages, etc.  Look at where your website traffic comes from and what blog posts performed the best. Really dig in and study the metrics. 

In addition, look at what you’re spending on your team, your projects, and the tools you’re paying for to see if they are accomplishing what you intended them to.

What has created success? Let this data inform your next steps.

Step Six – Ask deeper questions about your Top 4 Priorities as a Business Owner

When you peel away the outer layers, most business owners really have the same set of priorities no matter their niche. These 4 priorities need to be considered when you’re setting your goals for the coming year:

  • What will increase sales?
  • What will increase my social proof?
  • What will improve my profitability/operations?
  • What do you need to do to master your craft?

Make sure you’re revisiting these questions often to determine if your plans will help you achieve one of these four goals. 

Step 7 – Set Your Specific Quarterly Goals  

To help you achieve your 2-3 BIG goals, it’s time to dive into the nitty-gritty. 

I like to place one “ROCK” goal on my planner per quarter. This goal is “set like a rock” and requires long-term planning, focus, and strategy. Sure, some ROCK goals may take longer than a quarter, and that’s okay, but break them down as much as you can to fit them into a smaller, more defined time frame. 

how to breakdown business goals

If you find you have too many goals on the calendar, be willing to cut the fat and move them to the “would be nice” list.

Then ask yourself: What should I DO, what should I DELEGATE, and what can I DELETE?

Use this method to pair down your plans into steps that you and/or your team can accomplish day in and day out. 

Step 8 – Specify the details

Once you have your ROCK goals set, you need to spend time outlining the specifics and how you make these goals happen. Using Trello, Asana, or Click Up, create and schedule tasks that can be checked off when complete. 

You can organize your goals and plans on a Trello board like this example here:

12 month running business plan

Step 9 – Gather Content Ideas

Creating supporting content is a step we can’t leave out of your new year planning! After all, your content is the key to supporting your goals. Start by brainstorming content ideas that will help you move toward success. 

To get started, ask yourself :

  • What does my audience struggle with? 
  • What do they always ask about? 
  • Why do they always ask about it?
  • What’s missing for my audience?

You can organize your content ideas on a Trello board like this one.

12 month running business plan

Come up with themes for your audience to meet these needs and address these specific pain points. If possible, try creating quarterly content themes, then break those up into monthly themes.

Your content themes should easily relate back to your offerings, so the sales conversations can continue, and you can easily turn your audience into paying customers. If they don’t, ask why, and revisit your goals to fix that.

brainstorm content

Step 10- Create Batch Days on Your Calendar

Batch days are ways of organizing your time by doing similar tasks on similar days. For instance, when it comes to content creation, batching may look like this:

  • Monday — Draft Day. Create your outline and bullet points for blog posts, lead magnets, webinars, and Facebook Lives.
  • Tuesday — Writing Day. Fill in your outlines and do the bulk of the writing for your blog, emails, webinar content, etc.
  • Wednesday — Repurpose Day. Pull points from blog posts and create social content.
  • Thursday — Graphics Day. Create graphics to pair with your content.
  • Friday — Admin Day. Finalize, proofread, and schedule.

how to make a 12 month plan - goals, vision, content, personal retreat to plan the new year in your business

Step 11 – Reward Yourself! 

Last but not least, be sure to set up rewards along the way to boost your mood and celebrate your wins all year long — after all, you’ve planned like a boss and deserve it!

Ready to get started on your planning session

I’ve created a Trello Board that summarizes all the steps we’ve walked through in this post. This board will help you align your goals with your actions. 

Let’s do the work and implement these action steps to achieve your BIG dreams.

FREE PLANNER DOWNLOAD

Want a full training and trello board too.

> Check out my full 90 minute workshop training complete with trello board access

12 month running business plan

What Next? Learn More from these other articles: 

  • How to turn a blog into a business with digital products and online courses
  • 6 Profitable online income streams that make me $30k/month
  • 6 steps to more clients
  • 16 questions to help you find more clarity

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Thank you, Kayla. As usual you bring such obvious clarity to things I always struggle with. I’m still blogging after a few years where I’ve gained little traction and this year I really hope to FOCUS and be consistent. Your tools always help me get organized, it’s just me that falls off the schedule. Jessica, http://www.digitalplanningmom.com

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Ready to Launch a Business? Here’s Your 12-Month Plan to Making it a Success

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Is this the year you make your entrepreneurial dreams come true? Congratulations! But… you’ll need a plan. Consider this your month-by-month guide to ensuring that the business you launch thrives.

StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here

Month 1: dream big (and write it down).

I know you’re excited to get going, but first you really need to articulate what you want your business to look like. You probably know in general what the product you want to sell is or what the service you wish to deliver is, but dive deeper and consider:

  • Who your clients are
  • Who your competitors are
  • How you will market your business
  • How you will price your products or services
  • How much money you need (approximately; we’ll go deeper next month)
  • What you want your business to look like one, five and 10 years from now

Don’t be shy about dreaming big! But realize that in order to accompany those dreams, you’ll need an action plan .

Month 2: Get your finances in order

This month, dedicate energy to your finances. Make a detailed budget that includes operating expenses, inventory, payroll (if you’re planning on  hiring in the future ), marketing and emergencies. 

Consider where the money to start will come from. Do you have a nest egg you can tap, or would you need to take out a loan or perhaps seek a form of alternative funding ?

Open a business checking account this month. It’s best to keep your personal and business finances separate, and when it comes time to file your business taxes, you’ll thank me.

Month 3: Get your website and social media up and running

Now it’s time to lay the groundwork for a website and marketing. Hire a web designer to create a stunning professional site, or if you have a little design and technical expertise, try a website builder like Wix .

Also, create social media profiles on the channels you think are best to connect with your audience (this goes back to Month 1 when you identified your target audience and what platforms they use). Less is more here: rather than setting up profiles on every site available, focus on just one or two to start so you know you’ll have time to manage them.

Month 4: Situate your space

Now’s the time to start looking for the ideal property that fits your needs and budget, whether that be a retail space, office, coworking space, etc. And i f you’ll be working out of your home, designate a space for your home office that will minimize distractions and help you be productive. It might also allow for a deduction come tax time .

You’ll need to buy supplies and equipment this month, as well. Consider opening tradelines (or credit with vendors) so you can get supplies when you need them and pay later, usually 30 days after receiving an invoice. Look for vendors who report to business credit bureaus so you can build your business credit.

Related: 5 Founders Share the One Piece of Advice They Wish They Knew Before Launching a Business

Month 5: get your permits and licenses.

Chances are, you’re going to need at least one business license before you can start operating. Depending on the type of business you’re running, you may need several months to get these approved, so start getting them in line before you launch your business.

Even if you work out of your home, you will need a sales tax certificate or some type of permit(s) specific to your business. Check with your city, county and state government to find out what you need.

Month 6: Put your marketing plan together

If you’ve done your homework and truly understand where you will best connect with your audience, this is the time to put together a detailed plan on how you will market to spread the word about your business and attract customers.

In your plan, include which marketing channels you’ll use, what your budget is for each, and whether you, an employee, or a third party (freelancer or agency) will help with the marketing tasks.

Month 7: Hire help

You’re getting closer to opening your business, and you’re going to need some help! Consider what aspects of your business you will need the most help with. Sure, you could try to do it all yourself, but you’ll end up doing a mediocre job with everything. Instead, put your attention on running your business and hire others to do the rest.

If hiring a team of full-time employees isn’t in your budget, start with part-time help and/or freelancers.

Month 8: Plan your launch

The type of business you’re opening will impact what sort of business launch you should have. If you’re opening a services business online, you can activate your website and be up and running. But if you’re opening a brick-and-mortar business, you may want to alert local media and social followers to attend your grand opening event. The bigger the splash you can make, the more aware of your new business people will be.

Plan an event with giveaways, discounts, entertainment, and food and beverage. Promote it in your local newspaper, online publications and through your social media channels.

Month 9: Launch!

All your hard work has paid off, because now you can officially open your company for business!

Don’t be disappointed if sales are slow to trickle in; this is also a period of learning, where you pay attention to what’s driving revenue and what isn’t. M ake sure to track website visits through Google Analytics so you know which marketing channels are driving visitors to your site, and any areas where you might need to reconsider strategy.

Month 10: Focus on promotions

You may see a little slowdown in traffic or sales after your initial launch, and that’s when it’s time to start thinking about promotions and sales. Discount products that are slow to move. Bundle two items together to push some of those slower-moving items. Create a loss leader to drive people to your store where, hopefully, they’ll buy more.

Sign Up: Receive the StartupNation newsletter!

Month 11: assess results.

By now, you’ve had some time to build up your web traffic and social media following. If you have a physical store, you’ve gotten some face-to-face time and have spoken to customers. You may have developed an email subscriber list as part of your marketing efforts in Month 6. Use all these points of contact to determine where you should take your marketing efforts in the future.

Are customers asking for a loyalty program? That could be a good way to drive repeat sales. Are your emails not getting opened? Look at the subject lines you’re using and test out different copy.

Month 12: Look to the future

You put a tremendous amount of energy into the launch of your business, but your work isn’t done.

Now is time to look ahead: where do you want to take your business in the following year? Five years out? How about 10? Look back at your business plan and see if you’re still aligned with the direction you were initially going in, and if not, tweak it to reflect your new direction.

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JUST RELEASED: View the 2024 Franchise 500 Ranking

12 Months to Startup Follow these 12 steps to have your business up and running in a year.

What are you going to be doing a year from now? If your answer is "Same old job, same old life," then it might be time to shake things up and start that business you've been dreaming of. To help you out, we've outlined 12 monthly tasks that'll put you on the path to entrepreneurial success. By this time next year, you don't have to be in the "same old job"-you can be in business.

Month 1: Take a Skills and Interests Inventory

Begin a soul-searching process to determine which business is right for you. You'll definitely have an advantage with a business that's a spin-off of your background or experience. You can also enjoy success in an area where you have strong interest yet lack experience, though you may need to qualify yourself through entrepreneurial training or professional certification programs.

Jot down the skills in your talent bank. What do you like to do with your time? What technical skills have you learned or developed? Do you have hobbies or interests that are marketable? Don't forget the personality factor. Do you like working indoors or outdoors? Do you enjoy working with the general public or with a few close clients? Every business has its own personality, and your own personality should be a complement to the one you finally choose. Talk with others in businesses similar to the ones you're considering about the traits and temperaments needed to be successful.

Keep searching until you find an idea that couples your love for the work with your marketable talents.

Resource Guide

  • The Best Home-Based Businesses for the 21st Century by Paul and Sarah Edwards
  • Determine if your business idea really suits you with the quiz in Hot. . . or Not?
  • Not sure you want to do it alone? Maybe you need the guidance provided by a business opportunity or a franchise. Check out our BizOpp Zone and our Top Homebased Franchise listing

Month 2: Research and Evaluate Your Idea

Many people have great ideas, but their businesses flounder in the marketplace because there really isn't an audience for the product or service. Thorough research will help support expectations about a business's success as well as uncover any potholes in your thinking. Ask yourself these questions: What problem does my product or service solve? Whose problem does it solve? Does my idea flow with the direction society is moving in? For example, our society is becoming more mobile, reliant on technology, culturally diverse, and pressed for time. How does your idea fit in? Dig up trends, statistics, surveys and other data from sources like Business Information Centers , the U.S. Census Bureau , the Economic Statistics Administration , Government Research Centers and industry associations. Once you're able to substantiate the viability of your idea, then you can confidently move ahead.

  • Visit your local library or Small Business Development Center to check out the Encyclopedia of Associations from Gale Research .
  • Spend a little and get a lot with tips from On Target and How to Research Your Business Idea .
  • Download these free forms from Entrepreneur.com's FormNet : Survey Questionnaire, Demographic Comparison and Industry Analysis Worksheet.

Month 3: Choose a Business, a Location and its Structure, and Name It

Gather books and other resources related to your respective business, i.e. "How to Open & Operate a. . . ." Use this material to determine how to best make your business real. Ponder how well a home office space will professionally accommodate your business choice. Then check out local home business zoning ordinances, so you can comply.

Your legal structure can make a big difference in how you pay taxes, handle lawsuits, or dissolve or pass on the business. Will you operate as a sole proprietorship, partnership, corporation or limited liability company? Seek advice from a professional on how to pick the structure that'll best manage your liabilities.

An effective name will establish your marketplace presence, convey what you do, and create a memorable impression. Thumb through phone books, DBA filings, directories and the U.S. Patent and Trademark Office site to research names already in use or similar to yours. Determine if your chosen name has an available domain name for your future Web site, and reserve it. Be sure to choose a name that you can live and grow with.

  • Check out our line of business guides on SmallBizBooks.com to see if your future business is represented.
  • Read Space Quest for hints on assessing your new home office space, and Is Your Home Zoned for Business? to see if it's legal to run your business from home.
  • Conduct a free trademark search on NameProtect.com . Search through federal trademarks, Canadian and European trademarks, and domain names.

Months 4 - 6

Month 4: calculate the costs.

It's critical to determine how much cash you'll need. Create a checklist of expenditures. List the equipment, supplies and people needed to operate your business. Itemize startup costs for inventory, signage, sales and marketing literature or tools, research, licenses, permits, operating capital, and legal or professional fees. Calculate your monthly overhead for rent, supplies, utilities, business and health insurance, taxes, Internet access and other services. Factor in your salary and employee or contractor wages. Refer to industry specific startup books and resources for additional costs that may apply to your respective business type. Tally and double-check the numbers before you begin your money hunt.

  • Read Drafting Your Budget and Conducting a Break-Even Analysis for more help with your finances.
  • Use Entrepreneur.com FormNet's finance forms --including Business Startup Cash Needs, Business Insurance Planning Worksheet, Personal Cash Flow Statement and Development Budget Worksheet--to help you figure your startup finances.
  • Entrepreneur magazine's What If? software allows you to easily forecast your new business's finances, calculating the numbers for you and generating charts and graphs you can use in your business plan.

Month 5: Write Your Business Plan

You gain an advantage by building your business on paper first. A business plan's value goes beyond its ability to help secure a loan package for you. It's a working document that helps you prepare for opportunities as well as difficulties.

The body of a business plan can be divided into four sections: the description of your business, the marketing plan, the financial management plan and the management plan. Addenda to the plan should include an executive summary, supporting documents and financial projections.

Writing a plan forces you to think through every aspect of your venture. The process will convince you to proceed with your idea or look for a new one. Glean some inspiration and guidelines from resources below.

  • Read Rule's Book of Business Plans for Startups by Roger Rule.
  • Check out Creating a Successful Business Plan , an Entrepreneur magazine Start-Up Guide.
  • Download or print the SBA's free business plan guide .
  • Visit out our Business Plan section for articles and resources to help you write your business plan.

Month 6: Identify Sources of Startup Financing

Many entrepreneurs self-finance their businesses through personal savings, loans or credit cards. You may also be able to match your qualifications with a microloan: Private and SBA-backed agencies make loans from a few hundred dollars to $25,000. You can find a local microlender through the SBA's website .

You may also qualify for a niche or specialty loan. A new lending and learning organization called Count Me In makes loans from $500 to $10,000 to women entrepreneurs. Wells Fargo and Bank of America offer special loan programs for women, minorities and small-businesses.

Although there's no such thing as "free money" for small businesses, there are some cash awards, prize money and minigrants offered by a dwindling pool of organizations. Begin your search in Awards, Honors & Prizes , a publication by the Gale Group that should be available at your local library.

Whatever your funding source, remember to incur any debt in moderation. You'll make better business decisions when you're not under the pressure of heavy debt.

  • Learn more about microenterprise loans here
  • Search America's top microlenders in Entrepreneur.com's Best Banks for Entrepreneurs database.
  • Find out more about financing for homebased businesses in The Search Is On and Best Sources for Homebased Expansion Capital .

Months 7 - 9

Month 7: work through the startup paperwork maze.

Visit your city's "first- or one-stop" business center-you can usually find it through the government listings in your phone book or through your local chamber of commerce. These offices can provide information about licensing, permits, your particular business type, and running a local business in general. Find more information at your local library in Gale's National Directory of State Business Licensing and Regulation . You can also learn about other laws that may affect you from the U.S. Federal Trade Commission ; the agency offers hundreds of free business publications.

Learn how to set up your books through free programs and resources offered by Uncle Sam. Request a copy of Small Business Resource Guide-CD (Publication 3207) by calling (800) 829-3676. Sign up for the IRS's Small Business Tax Education Program (STEP) online.

You should also speak with an experienced insurance agent about purchasing a business owner's policy (BOP) and additional coverage that will protect you against lawsuits and natural disasters.

  • Business Startup Basics and How to Legally Establish Your Homebased Business provide information on the ins and outs of business licensing, zoning, insurance and finding an attorney.
  • Visit our Tax Center for all the tips, tools and resources you need to comply with Uncle Sam, including paying your taxes online.
  • Determine your new business's insurance needs using our free Business Insurance Planning Worksheet; download it from FormNet .

Month 8: Develop Your Marketing and Customer Service Plan

A marketing plan consists of the strategies and devices you use to communicate to your target audience. A customer service plan focuses on customer requirements and ways of filling those requirements. The two work in concert. Descriptions of your market and its segments, the competition and prospective customers should be in your business plan.

Prioritize your tactics and begin with the ones that your research has shown to be the most effective for your audience. For example, a TV repair service's marketing program may be supported mainly by paid advertisements in the phone book, since "Television Repair" is one of the most often looked-up headings by homeowners. For your customer service plan, think about satisfaction and money-back guarantees, buying incentives, and resolution of customer complaints. Your program should evolve as the business grows.

  • Learn how to create a marketing budget in How to Budget for Success , and hone your marketing efforts with advice from Marketing Features Vs. Benefits .
  • Find low- and no-cost advertising, marketing and promotional ideas in 17 Practical No-Cost Promotions , Promoting for Pennies , Get Your Message Out on a Shoestring and Take Advantage of Free PR Tactics .
  • Visit our customer service section to learn how to keep your clients happy.

Month 9: Court Your First Customers

You have a profile of the end user of your product or service. Get in the habit of "talking up" your business-telling everyone you know about it. Ask for referrals from colleagues, suppliers, former employers and other associates. Improve the quality of your referrals by being specific in your request. For example, an insurance broker developed a successful referral network by asking clients whom they know who is "in a two-income professional family with young children," rather than just asking if they know anyone who needs insurance. Consider offering free consultations or an introductory price to first-time buyers. Once you hear from a satisfied customer, ask him or her for a testimonial letter to use in your promotional materials.

  • Make the most of customer testimonials with advice from Getting Customers to Pitch for You .
  • To find out what networking can do for your business--and how to make the most of your networking efforts--check out our Networking section , featuring articles from networking guru Ivan Misner.
  • Learn how to create buzz about your business from Now They Know .
  • Read articles from our Marketing Coach Kim T. Gordon or sign up for her coaching program.

Months 10 - 12

Month 10: create your support team.

You'll need a team of reliable contractors, suppliers, advisory board members and employees. Create a network of other self-employed people whose talents, knowledge, resources and skills can be used to handle the demands of your business. Besides helping you with overflow work, the collaborative talents of your team can help you obtain larger projects and grow with your clients' needs.

Make contractor and supplier connections through networking. Test the reliability of a contractor on a small, nonrush project first. If you need to hire employees, consider interns, students or part-timers as your first-time hires. Your advisory board can include a mix of professional peers, legal or financial advisors, or mentors. Meet with them a few times a year to solicit their professional feedback.

  • Should you hire an employee? Explore your options in Time to Find Help . Once you decide to hire, read Hiring an Employee for Your Homebased Business for tips on the actual recruiting and hiring process.
  • Get free personnel forms--including job applications, time cards and more--on our FormNet .

Month 11: Execute Your Marketing Plan

Establish your marketing infrastructure. You work against yourself when you're not prepared to respond to opportunities that result from your marketing efforts. Your stationery, business cards and marketing materials should be ready for distribution. If your customers can reach you via e-mail, set up autoresponders to handle their queries. Whatever response methods buyers can use, you should have materials that can be sent via those same mediums.

Mail a press release to the local media. Do a joint mailing with other complementary businesses. Beat the deadline for your Yellow Pages ad, and talk with your manufacturer about co-op advertising opportunities. Take advantage of all free directory listings. Contribute an article to a trade journal. Send out special offer postcards to prospects. Create a coupon offer. Make a speech at a networking event. Track the results of your devices by asking all respondents how they heard about you.

  • Discover the ins and outsof guerrilla marketing with our coach Al Lautenslager .
  • Find innovative marketing tips in Money-Tree Marketing by Patrick Bishop and Jennifer A. Bishop; Shameless Marketing for Brazen Hussies by Marilyn Ross; Outsmarting Goliath by Debra Koontz Traverso; and Mischief Marketing by Ray Simon.

Month 12: Hang Out Your Shingle

You've done all the legwork. All your permits are in hand. Your dedicated business line is set with a professional voice-mail greeting. You've marked the calendar with a few prospect meetings and networking events. You even have a few projects lined up. Now it's time to open your doors to more opportunities and much success as a homebased business owner. (And please be sure to send me an invitation to your one-year anniversary celebration!)

Editor's Note: This article originally appeared in January 2001. Updated resources were added in January 2005.

Kimberly Stansell is a Los Angeles-based author, entrepreneur and businesswoman. She has a knack for turning her desires into reality with little or no money and helps others do the same in her book, Bootstrapper's Success Secrets: 151 Tactics for Building Your Business on a Shoestring Budget .

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How to Write a Business Plan, Step by Step

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Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

Bizee

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

12 month running business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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Step-by-Step Guide to Writing a Simple Business Plan

By Joe Weller | October 11, 2021

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A business plan is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice. 

Included on this page, you’ll find a step-by-step guide to writing a business plan and a chart to identify which type of business plan you should write . Plus, find information on how a business plan can help grow a business and expert tips on writing one .

What Is a Business Plan?

A business plan is a document that communicates a company’s goals and ambitions, along with the timeline, finances, and methods needed to achieve them. Additionally, it may include a mission statement and details about the specific products or services offered.

A business plan can highlight varying time periods, depending on the stage of your company and its goals. That said, a typical business plan will include the following benchmarks:

  • Product goals and deadlines for each month
  • Monthly financials for the first two years
  • Profit and loss statements for the first three to five years
  • Balance sheet projections for the first three to five years

Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company progresses. Larger organizations may also create (and update) a business plan to keep high-level goals, financials, and timelines in check.

While you certainly need to have a formalized outline of your business’s goals and finances, creating a business plan can also help you determine a company’s viability, its profitability (including when it will first turn a profit), and how much money you will need from investors. In turn, a business plan has functional value as well: Not only does outlining goals help keep you accountable on a timeline, it can also attract investors in and of itself and, therefore, act as an effective strategy for growth.

For more information, visit our comprehensive guide to writing a strategic plan or download free strategic plan templates . This page focuses on for-profit business plans, but you can read our article with nonprofit business plan templates .

Business Plan Steps

The specific information in your business plan will vary, depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:

  • Executive summary
  • Description of business
  • Market analysis
  • Competitive analysis
  • Description of organizational management
  • Description of product or services
  • Marketing plan
  • Sales strategy
  • Funding details (or request for funding)
  • Financial projections

If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For an in-depth description of each step listed above, read “ How to Write a Business Plan Step by Step ” below.

Broadly speaking, your audience includes anyone with a vested interest in your organization. They can include potential and existing investors, as well as customers, internal team members, suppliers, and vendors.

Do I Need a Simple or Detailed Plan?

Your business’s stage and intended audience dictates the level of detail your plan needs. Corporations require a thorough business plan — up to 100 pages. Small businesses or startups should have a concise plan focusing on financials and strategy.

How to Choose the Right Plan for Your Business

In order to identify which type of business plan you need to create, ask: “What do we want the plan to do?” Identify function first, and form will follow.

Use the chart below as a guide for what type of business plan to create:

Is the Order of Your Business Plan Important?

There is no set order for a business plan, with the exception of the executive summary, which should always come first. Beyond that, simply ensure that you organize the plan in a way that makes sense and flows naturally.

The Difference Between Traditional and Lean Business Plans

A traditional business plan follows the standard structure — because these plans encourage detail, they tend to require more work upfront and can run dozens of pages. A Lean business plan is less common and focuses on summarizing critical points for each section. These plans take much less work and typically run one page in length.

In general, you should use a traditional model for a legacy company, a large company, or any business that does not adhere to Lean (or another Agile method ). Use Lean if you expect the company to pivot quickly or if you already employ a Lean strategy with other business operations. Additionally, a Lean business plan can suffice if the document is for internal use only. Stick to a traditional version for investors, as they may be more sensitive to sudden changes or a high degree of built-in flexibility in the plan.

How to Write a Business Plan Step by Step

Writing a strong business plan requires research and attention to detail for each section. Below, you’ll find a 10-step guide to researching and defining each element in the plan.

Step 1: Executive Summary

The executive summary will always be the first section of your business plan. The goal is to answer the following questions:

  • What is the vision and mission of the company?
  • What are the company’s short- and long-term goals?

See our  roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.

Step 2: Description of Business

The goal of this section is to define the realm, scope, and intent of your venture. To do so, answer the following questions as clearly and concisely as possible:

  • What business are we in?
  • What does our business do?

Step 3: Market Analysis

In this section, provide evidence that you have surveyed and understand the current marketplace, and that your product or service satisfies a niche in the market. To do so, answer these questions:

  • Who is our customer? 
  • What does that customer value?

Step 4: Competitive Analysis

In many cases, a business plan proposes not a brand-new (or even market-disrupting) venture, but a more competitive version — whether via features, pricing, integrations, etc. — than what is currently available. In this section, answer the following questions to show that your product or service stands to outpace competitors:

  • Who is the competition? 
  • What do they do best? 
  • What is our unique value proposition?

Step 5: Description of Organizational Management

In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.

Step 6: Description of Products or Services

In this section, clearly define your product or service, as well as all the effort and resources that go into producing it. The strength of your product largely defines the success of your business, so it’s imperative that you take time to test and refine the product before launching into marketing, sales, or funding details.

Questions to answer in this section are as follows:

  • What is the product or service?
  • How do we produce it, and what resources are necessary for production?

Step 7: Marketing Plan

In this section, define the marketing strategy for your product or service. This doesn’t need to be as fleshed out as a full marketing plan , but it should answer basic questions, such as the following:

  • Who is the target market (if different from existing customer base)?
  • What channels will you use to reach your target market?
  • What resources does your marketing strategy require, and do you have access to them?
  • If possible, do you have a rough estimate of timeline and budget?
  • How will you measure success?

Step 8: Sales Plan

Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve these goals, and metrics for success. For the purposes of a business plan, this section does not need to be a comprehensive, in-depth sales plan , but can simply outline the high-level objectives and strategies of your sales efforts. 

Start by answering the following questions:

  • What is the sales strategy?
  • What are the tools and tactics you will use to achieve your goals?
  • What are the potential obstacles, and how will you overcome them?
  • What is the timeline for sales and turning a profit?
  • What are the metrics of success?

Step 9: Funding Details (or Request for Funding)

This section is one of the most critical parts of your business plan, particularly if you are sharing it with investors. You do not need to provide a full financial plan, but you should be able to answer the following questions:

  • How much capital do you currently have? How much capital do you need?
  • How will you grow the team (onboarding, team structure, training and development)?
  • What are your physical needs and constraints (space, equipment, etc.)?

Step 10: Financial Projections

Apart from the fundraising analysis, investors like to see thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this could be anywhere from one to five years. 

While these projections won’t be exact — and will need to be somewhat flexible — you should be able to gauge the following:

  • How and when will the company first generate a profit?
  • How will the company maintain profit thereafter?

Business Plan Template

Business Plan Template

Download Business Plan Template

Microsoft Excel | Smartsheet

This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. In the finances sections, input your baseline numbers, and the template will automatically calculate projections for sales forecasting, financial statements, and more.

For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy. 

If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates.

How to Write a Simple Business Plan

A simple business plan is a streamlined, lightweight version of the large, traditional model. As opposed to a one-page business plan , which communicates high-level information for quick overviews (such as a stakeholder presentation), a simple business plan can exceed one page.

Below are the steps for creating a generic simple business plan, which are reflected in the template below .

  • Write the Executive Summary This section is the same as in the traditional business plan — simply offer an overview of what’s in the business plan, the prospect or core offering, and the short- and long-term goals of the company. 
  • Add a Company Overview Document the larger company mission and vision. 
  • Provide the Problem and Solution In straightforward terms, define the problem you are attempting to solve with your product or service and how your company will attempt to do it. Think of this section as the gap in the market you are attempting to close.
  • Identify the Target Market Who is your company (and its products or services) attempting to reach? If possible, briefly define your buyer personas .
  • Write About the Competition In this section, demonstrate your knowledge of the market by listing the current competitors and outlining your competitive advantage.
  • Describe Your Product or Service Offerings Get down to brass tacks and define your product or service. What exactly are you selling?
  • Outline Your Marketing Tactics Without getting into too much detail, describe your planned marketing initiatives.
  • Add a Timeline and the Metrics You Will Use to Measure Success Offer a rough timeline, including milestones and key performance indicators (KPIs) that you will use to measure your progress.
  • Include Your Financial Forecasts Write an overview of your financial plan that demonstrates you have done your research and adequate modeling. You can also list key assumptions that go into this forecasting. 
  • Identify Your Financing Needs This section is where you will make your funding request. Based on everything in the business plan, list your proposed sources of funding, as well as how you will use it.

Simple Business Plan Template

Simple Business Plan Template

Download Simple Business Plan Template

Microsoft Excel |  Microsoft Word | Adobe PDF  | Smartsheet

Use this simple business plan template to outline each aspect of your organization, including information about financing and opportunities to seek out further funding. This template is completely customizable to fit the needs of any business, whether it’s a startup or large company.

Read our article offering free simple business plan templates or free 30-60-90-day business plan templates to find more tailored options. You can also explore our collection of one page business templates . 

How to Write a Business Plan for a Lean Startup

A Lean startup business plan is a more Agile approach to a traditional version. The plan focuses more on activities, processes, and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.

While there is some overlap between a traditional and a Lean business plan, you can write a Lean plan by following the steps below:

  • Add Your Value Proposition Take a streamlined approach to describing your product or service. What is the unique value your startup aims to deliver to customers? Make sure the team is aligned on the core offering and that you can state it in clear, simple language.
  • List Your Key Partners List any other businesses you will work with to realize your vision, including external vendors, suppliers, and partners. This section demonstrates that you have thoughtfully considered the resources you can provide internally, identified areas for external assistance, and conducted research to find alternatives.
  • Note the Key Activities Describe the key activities of your business, including sourcing, production, marketing, distribution channels, and customer relationships.
  • Include Your Key Resources List the critical resources — including personnel, equipment, space, and intellectual property — that will enable you to deliver your unique value.
  • Identify Your Customer Relationships and Channels In this section, document how you will reach and build relationships with customers. Provide a high-level map of the customer experience from start to finish, including the spaces in which you will interact with the customer (online, retail, etc.). 
  • Detail Your Marketing Channels Describe the marketing methods and communication platforms you will use to identify and nurture your relationships with customers. These could be email, advertising, social media, etc.
  • Explain the Cost Structure This section is especially necessary in the early stages of a business. Will you prioritize maximizing value or keeping costs low? List the foundational startup costs and how you will move toward profit over time.
  • Share Your Revenue Streams Over time, how will the company make money? Include both the direct product or service purchase, as well as secondary sources of revenue, such as subscriptions, selling advertising space, fundraising, etc.

Lean Business Plan Template for Startups

Lean Business Plan Templates for Startups

Download Lean Business Plan Template for Startups

Microsoft Word | Adobe PDF

Startup leaders can use this Lean business plan template to relay the most critical information from a traditional plan. You’ll find all the sections listed above, including spaces for industry and product overviews, cost structure and sources of revenue, and key metrics, and a timeline. The template is completely customizable, so you can edit it to suit the objectives of your Lean startups.

See our wide variety of  startup business plan templates for more options.

How to Write a Business Plan for a Loan

A business plan for a loan, often called a loan proposal , includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan request, and a loan repayment plan.

In addition, you may be asked to include personal and business financial statements, a form of collateral, and equity investment information.

Download free financial templates to support your business plan.

Tips for Writing a Business Plan

Outside of including all the key details in your business plan, you have several options to elevate the document for the highest chance of winning funding and other resources. Follow these tips from experts:.

  • Keep It Simple: Avner Brodsky , the Co-Founder and CEO of Lezgo Limited, an online marketing company, uses the acronym KISS (keep it short and simple) as a variation on this idea. “The business plan is not a college thesis,” he says. “Just focus on providing the essential information.”
  • Do Adequate Research: Michael Dean, the Co-Founder of Pool Research , encourages business leaders to “invest time in research, both internal and external (market, finance, legal etc.). Avoid being overly ambitious or presumptive. Instead, keep everything objective, balanced, and accurate.” Your plan needs to stand on its own, and you must have the data to back up any claims or forecasting you make. As Brodsky explains, “Your business needs to be grounded on the realities of the market in your chosen location. Get the most recent data from authoritative sources so that the figures are vetted by experts and are reliable.”
  • Set Clear Goals: Make sure your plan includes clear, time-based goals. “Short-term goals are key to momentum growth and are especially important to identify for new businesses,” advises Dean.
  • Know (and Address) Your Weaknesses: “This awareness sets you up to overcome your weak points much quicker than waiting for them to arise,” shares Dean. Brodsky recommends performing a full SWOT analysis to identify your weaknesses, too. “Your business will fare better with self-knowledge, which will help you better define the mission of your business, as well as the strategies you will choose to achieve your objectives,” he adds.
  • Seek Peer or Mentor Review: “Ask for feedback on your drafts and for areas to improve,” advises Brodsky. “When your mind is filled with dreams for your business, sometimes it is an outsider who can tell you what you’re missing and will save your business from being a product of whimsy.”

Outside of these more practical tips, the language you use is also important and may make or break your business plan.

Shaun Heng, VP of Operations at Coin Market Cap , gives the following advice on the writing, “Your business plan is your sales pitch to an investor. And as with any sales pitch, you need to strike the right tone and hit a few emotional chords. This is a little tricky in a business plan, because you also need to be formal and matter-of-fact. But you can still impress by weaving in descriptive language and saying things in a more elegant way.

“A great way to do this is by expanding your vocabulary, avoiding word repetition, and using business language. Instead of saying that something ‘will bring in as many customers as possible,’ try saying ‘will garner the largest possible market segment.’ Elevate your writing with precise descriptive words and you'll impress even the busiest investor.”

Additionally, Dean recommends that you “stay consistent and concise by keeping your tone and style steady throughout, and your language clear and precise. Include only what is 100 percent necessary.”

Resources for Writing a Business Plan

While a template provides a great outline of what to include in a business plan, a live document or more robust program can provide additional functionality, visibility, and real-time updates. The U.S. Small Business Association also curates resources for writing a business plan.

Additionally, you can use business plan software to house data, attach documentation, and share information with stakeholders. Popular options include LivePlan, Enloop, BizPlanner, PlanGuru, and iPlanner.

How a Business Plan Helps to Grow Your Business

A business plan — both the exercise of creating one and the document — can grow your business by helping you to refine your product, target audience, sales plan, identify opportunities, secure funding, and build new partnerships. 

Outside of these immediate returns, writing a business plan is a useful exercise in that it forces you to research the market, which prompts you to forge your unique value proposition and identify ways to beat the competition. Doing so will also help you build (and keep you accountable to) attainable financial and product milestones. And down the line, it will serve as a welcome guide as hurdles inevitably arise.

Streamline Your Business Planning Activities with Real-Time Work Management in Smartsheet

Empower your people to go above and beyond with a flexible platform designed to match the needs of your team — and adapt as those needs change. 

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

How to Create a 12-Month Profit Plan for Your Business

12 month running business plan

If you’re trying to create a profitable company that people love, we recommend creating a 12-month business plan around this concept every year . This isn’t just your typical business plan that you use to secure loans.

Instead, you’ll create this 12-month plan to realign your values and mission.

A major part of making your business a success is remembering the value and mission that you set when opening your company. Unfortunately, it’s easy to get distracted by shiny objections or new offerings, and these values and missions can slowly fade away.

When you know how to set up business plan yearly goals that align with creating a business people love, it will help you:

  • Attract new customers
  • Retain customers
  • Continue to grow

12-Month Business Plan to Realign Your Values and Mission

Review your company’s values and mission.

A unified vision for your business is necessary to meet your company’s value and mission statement. This is a time to sit down and reflect on your value and mission to:

  • Reinforce your business’ vision to your employees
  • Review communications to make sure they align with your values and mission

Often, different employees will have different ideas of your values and mission. So, sit down with important stakeholders to ensure that all parties have a clear vision of your company’s goals.

Customer and Employee Feedback

If you want to keep your customers happy, you must listen to their feedback. A good starting point for your plan is to review all of your customer feedback and implement changes based on the bad feedback.

Perhaps shipping is too slow, or items are breaking in transit.

Take steps to improve on these key areas where customers are having issues. Inversely, also look at what customers love about your business and continue doing the same . You can learn a lot from feedback that you can then use in your planning for fulfillment, distribution, marketing, and more.

Next, be sure to consider all of your employee feedback, too. You can send out employee surveys that ask:

  • What went well for the employee in the last year
  • What improvements/changes the employee would like to see made

You can also gain a lot of insight into what steps your business needs to take in the coming twelve months through year-end planning for your business .

Analyze and Forecast Sales

Company mission and vision are critical, but you can only meet this vision by analyzing and forecasting sales. This is the time when you want to look through your books to determine where sales are coming in and being lost.

Have you lost certain customer segments? If so, can you pinpoint why?

Look for underserved areas or what’s lacking in segments where sales are being lost. Customer feedback can help here, too. When you consider the input, you may find answers to why sales are being lost and how to forecast future sales.

If your internal sales forecasts are low, try and determine why.

Perhaps sales are lost in a dying market segment, but if you’re losing sales in a thriving market, you need to consider your company’s vision.

That being said, we have a whole guide to growing your business. If you’re looking to do that, check out grow.cobbcpa.com to grab your free guide!

Marketing Channels and Approach

Marketing channels and the way that you reach customers may change. Think back to the time of newspaper ads, where many businesses were built. Now, marketing channels and approaches have evolved both online and offline.

In 2020, 66% of marketing executives expected to focus more on customers as individuals than a single target market.

Multichannel approaches need to be taken in today’s marketing. It’s essential to look over your marketing channels and strategy to:

  • Remove marketing channels that aren’t producing results
  • Consider increasing budgets for high-performing marketing channels
  • Create cohesion across marketing channels

You’ll want to examine your marketing efforts to ensure that your marketing is honest, reaches the right customers, and sends the right message. If you run a more significant business with its own internal marketing team, be sure that you sit down with them at this time to discuss your goals and vision.

Finances and Profitability

When your vision is being met and properly executed on, it should lead to steady financials and profitability. You’ll want to review your books to understand where money is coming in and where expenditures occur. This is important to keep your business running smoothly.

Lean business practices should be a part of every business.

What are Lean practices?

These practices help you optimize your business by:

  • Eliminating waste, which improves profitability
  • Optimizing business operations
  • Delivering products quickly and efficiently
  • Building a quality business

The entire idea of a Lean business is to understand customer value and to continue improving key processes.

You can use this time to realign finances to training or product improvement and lower funding in areas that aren’t helping your business reach its goals. Profitability will follow as long as you maintain adequate profit margins.

Operations and Management

Your business’s operations and management need to know and enforce your company’s vision at all times. Managers should be in charge of making sure that all employees:

  • Understand the company’s mission and vision
  • Follow internal protocols and procedures
  • Train to create an internal standard of quality

Training may be an essential part of your operations and management. As employees enter and leave your workforce, each new employee needs to be trained properly. You want to make sure that training is still taking place, is updated, and enforced. You’re also want to provide ongoing training and development to help ensure people are feeling fulfilled in their roles. 

Fulfillment and Distribution

Finally, when you’re at the end of your plan, you’ll want to look at your fulfillment and distribution. You’ll want to consider:

  • Markets that aren’t served or underserved 
  • Analyze whether these markets are a market opportunity
  • Consider fulfillment channels, speed, efficiency, and accuracy 

If customers complain of slow shipping speed, issues with broken products, or services not being delivered as described, you’ll want to dig into your current fulfillment and see where changes can be made. You may be able to make internal changes, add new fulfillment partners or put protocols in place to correct these issues.

Final Thoughts

A 12-month business plan can help you realign your business to make sure that you’re meeting the demands of consumers while staying true to your business’s mission and values. You can refer to this plan throughout the year as a blueprint of what you can be doing to continue growing your business into a success.

Over time, you’ll continue to grow your client or customer base while creating a profitable company that people love! 

Click here to schedule a 21 minute call to discuss business planning .

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How to Create a Business Plan Timeline

business timeline

Below you will learn what a business plan timeline is and where it belongs in your business plan.  

What is a Business Plan Timeline?

A business plan timeline lays out the key milestones you hope to achieve in your business and when you plan to accomplish them.   

The Importance of a Timeline

In running a business, it is very easy to get caught up in day-to-day activities and putting out fires. When you do this, unfortunately, it’s hard to grow your business. Having a timeline that lists your key goals forces you to spend time each day, week, and month to work on key growth initiatives.

Also, if you are seeking funding, investors and lenders need to understand these milestones and your projected dates for accomplishing them. This helps give them confidence that you will successfully execute your plan. 

Also, having a timeline helps you better prioritize your time and hire the right people at the right time.

    Finish Your Business Plan Today!

Where does the timeline go in the business plan.

The timeline belongs primarily in the Operations Plan of your business plan, however, you may include some highlights within the Executive Summary as well. 

Using the established key milestones you have created, you will now assign a timeframe to those milestones to show when you expect to reach each milestone. Remember, use historical data and be realistic in your timeline so that you can meet these goals.  

What Should Be Included in the Timeline?

Your business is currently at point A. Where you want to go is to point B. Now getting from point A to point B requires you to complete milestones.

And the most important ones are what I call “risk-mitigating milestones.” These are the milestones that help eliminate the risk of your company failing.

Some examples of “risk mitigating milestones” may include:

  • Finding a location for your business, store, warehouse, etc.
  • Getting the permits and licenses
  • Building the facility/store
  • Hiring and training staff
  • New products and services introductions
  • Store opening date
  • Key employee hires
  • Revenue milestones (date when sales exceed $X, when sales exceed $Y, etc.)
  • Key partnerships executed
  • Key customer contracts secured
  • Key financial events (future funding rounds, IPO, etc.)

As an entrepreneur or small business owner, it is your job to identify your risk-mitigating milestones and prioritize them so that you can take steps each day toward the larger business goals.  

How to Create & Prioritize Your Milestone List

Create your detailed risk-mitigating milestone list first. The goal should be to list approximately six major milestones in the next year, five milestones in the following year, and so on for up to five years (so include two in year 5). 

You can use this as a “To Do” list and ensure you achieve your goals each day, week, and month, further developing your business strategy.

Next to each milestone, include the expected timeframe, due date, and the budget you will need to attain them. For example, you may want to launch a billboard marketing campaign over a 6-month period (Expected Due Date: 6/30/2022), and the expected cost is $18,000.

After you create your milestone list, you need to prioritize them. Decide on which milestones you should achieve with the initial funding if needed. Ideally, these will get you to the point where you are generating revenues or profits. This is because the ability to generate revenues significantly reduces the risk of your venture; as it proves to lenders and investors that customers want the products and/or services you are offering.

By setting up your milestones, you will figure out what you can accomplish for less money. And the fact is, the less money you need to raise, the easier it generally is to raise it (mainly because the easiest to raise money sources offer lower dollar amounts).  

How to Develop a Timeline For Your Business Plan

You’ve already completed the hard part. 

Now, it’s time to schedule your milestone list and convert it into a timeline format to give you a quick visual reference. Be sure that your timeline includes all the milestones that you’ve deemed a priority.

There are many businesses that prefer to develop Gantt charts, while others may prefer a calendar, Excel sheet, or another preferred format. Choose the format that works best for you.

There are several format options and platforms to choose from if you do a quick search for “ create a timeline online .” However, keep in mind that it’s not how pretty the timeline is, it’s about functionality and the ease of use to track the progress of all the tasks completed. 

Here are a couple of options:

quarterly roadmap timeline for business plan

Source: SlideTeam

This one-page timeline is a downloadable template that is clean and easy to read and follow. While it doesn’t have all the details on this one page, it has enough information to help business leaders understand if the team is on track.

5 year plan

Source: Office Timeline

This is a PowerPoint Presentation add-in that allows you to create a custom Gantt chart with your Microsoft Office account. While the chart above says a 5-year plan, note that they did not include the parts of the milestones beyond Year 1. This may be to reduce clutter and keep focused on the near-future goals. 

gantt chart

Source: GanttPro

This Gantt chart online platform offers another alternative allowing you to assign tasks to others on your team and monitor their progress all in one place. It also tracks the time to complete each task so that you can better schedule in the future for similar projects.

These are only a few of the platforms available online to create an amazing timeline for your business plan. In the beginning, it may be a lot of work to set up, but once you obtain the funding you are seeking, it’ll be well worth the time and effort.

By creating a timeline as early as possible in the business planning process, you can begin to establish realistic goals that can help improve day-to-day decision-making and boost confidence among current and potential stakeholders.

Other Helpful Business Plan Articles & Templates

Business Plan Template & Guide For Small Businesses

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12 Tips for New Business Owners in the First 12 Months of Their Company’s Life

12 month running business plan

By: Stefan Jordev

If you are starting a new business you may be feeling a little overwhelmed by the number of decisions you need to make. You may wonder what secret tricks successful business owners used to ensure that their companies grew in the right direction. Here are twelve tips that you should use in your first twelve months in order to make sure that your company has the best chance to succeed.

  • Develop a solid and realistic business plan. This is something that you need to do almost before you start your business. You need to include information on products and services, your proposed budget, and ideas on how you will identify and attract your ideal customer.
  • Identify what you can and cannot do yourself. It is important to identify what you are able to do yourself to build your business and what you need extra help to do. For example, you may be able to provide a product or service but may need assistance promoting it or developing advertising.
  • Start local. It is a good idea to start building your company locally and then progress from there. It may be less expensive to deal with local customers and you can refine your products and techniques before reaching out to customers that are further afield.
  • Get feedback from your clients and listen to what they are saying. You should always look for feedback from your customers and learn from what they are saying. This is equally important with both satisfied and dissatisfied customers.
  • Build a solid client list. You need clients in order for your business to succeed. Building a list of potential local clients will help you see what the local need is and give you ideas of who you can approach once your company is up and running.
  • Get a good accounting program and learn how to use it. This is a critically important step. Pick one that makes it easy for you to enter expenses and income. Get used to using it so that when it is time for you to do your taxes you have all of your information right at hand.
  • Get organized. In the beginning, it is often tempting to let organization slide but this can be a dangerous precedent to set. It looks bad to clients if you look unorganized and you may accidentally misplace important documents, materials or product outlines.
  • Promote your business properly. These days, it can be difficult to build a business using word of mouth alone. You need to make sure that you are promoting your company using as many tools as possible including the internet, social media and radio or print advertising.
  • Check your growth regularly. You need to check on your company’s growth on a regular basis. This will help ensure that you are on track throughout your first year and can help you determine where you need to make changes so that you are as successful as possible.
  • Develop one and five year business plans. You need to have both short and long-term plans in place so that you can measure your company’s progress. This can help you stay on track and give you goals that you can work towards in future.
  • Put all contracts and agreements in writing. You need to make sure that you are documenting all of your contracts and agreements with the customers you are working with. Good information to include will be the rates you charge, what the project will involve and what the deadlines are that you will be working with.
  • Don’t be afraid to make mistakes. You need to manage your company wisely to ensure it grows but don’t be afraid to make mistakes. Most businesses have made a few errors during their early days and have recovered from them. These tips can help any new business owner manage their company’s growth over the first twelve months and can keep business growth on track in a meaningful way.

By Stefan Jordey

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12 month running business plan

Our Startup’s 12-Month Growth Strategy

In this post, we reveal the steps we took to develop a growth strategy for the next 12 months of Groove

Alex Turnbull avatar

Alex Turnbull

9 Min read · 1877 shares

Until about six weeks ago, our startup has been in a constant scramble to keep up and get better. Here’s how we changed that…

Our growth strategy is focussed to one goal

That email led to the most significant strategic meeting our team has had in the lifetime of Groove.

Over the past couple of years, we’ve spent a lot of time with our heads down, focusing on putting out today’s fires and building whatever is necessary to keep the business running tomorrow.

But we haven’t, as a team, spent a lot of time talking about what happens beyond that.

We haven’t had a serious, organized discussion about 3, 6 and 12-month goals, strategic roadmaps and action plans to achieve those goals.

We’ve simply been too focused on today .

But finally, a few weeks ago, we had that discussion.

For four and a half hours, we brainstormed, challenged each other, and came up with the blueprint for how we’re going to achieve our 12-month goal.

In the interest of transparency, and because I think it can help other companies structure their own thinking about roadmapping, the email that resulted from that discussion is below.

There’s not much focus on specific tactics, to-do’s and processes; those are separate discussions, and we’ve got posts in the works about each of them. I will say this: in the six weeks since we’ve started executing on this plan, we’ve learned and matured significantly as a team, and the way we work now is very different to the way we worked even a couple of months ago.

With that said, below is a behind-the-scenes look at how we think about growth at Groove.

The below is taken from an internal email. It’s not “prettied up” or censored for the blog.

Over the past two years, we’ve gone from having nothing but a bare-bones prototype to becoming one of the fastest-growing startups in the customer support space.

We hit Product/Market Fit .

We have customers that love Groove.

And we’ve built the foundation for a brand that people are starting to notice.

We’ve done a lot of things right, and we’ve learned from that.

We’ve also done a lot of things wrong. And we’ve learned from that, too.

We have a massive opportunity in front of us. In a 2013 report, IDC estimated that there were close to 76 million SMB’s worldwide. Our own research suggests that many of them have not been able to find or afford the right customer support software. And that many of them are using products that they hate.

If we execute on our mission of helping as many of those companies succeed as we can, we’ll all win.

Over the next twelve months, our team’s long-view focus will be on a single goal: to have 5,000 paying customers using Groove.

To do that, our strategy will stand on three pillars:

The Three Pillars of Our Growth Strategy

1) leadership in the smb market.

We’ve gotten here by serving small businesses and entrepreneurs. Unlike some of our competitors, we’re not going to move upmarket. Our product, our blog and our other efforts have all helped SMB’s grow, and we’re going to keep doing that. As you’ll see below, we have plans to increase — by a huge margin — the amount of value we’re delivering to our community. Our mission is to become the preeminent resource for small businesses when it comes to support, growth and business strategy.

2) Building the Groove Brand

As we’ve seen many times in the SaaS space, a good product isn’t enough for long-term growth. We need to build a lasting brand that people love to do business with. We’ve begun to do that with the 100K blog, but there’s a lot of work left to be done.

3) Becoming Even More Data-Driven

There’s no doubt that collecting, analyzing and using the right data can help us make smarter business decisions about our time, our budget and our roadmap. We’ve seen it with our own successes. We need to do a better job of this. We need to get to a point where we can treat our efforts — marketing channels, product features, team hours and focus — as levers; when we push or pull one, we know what result to expect. We can’t depend on luck; this will be the only way to make our growth systematic.

What Are Our Biggest Concerns?

As we discuss and execute on our strategy, we can’t risk being blind to the risks and worries we have. It’s the only way to tackle them head on and ensure that they don’t hurt the business.

Building the Right Team

Are we doing everything that we can to put together the right mix of talent to take Groove to the next level? How can we hire the right employees as we grow ?

It’s not enough to be good marketers, developers, designers or support agents. We all need to think like startup CEO’s; the goals in this email — our business vision — needs to drive every work decision that any one of us makes. We’re all responsible for lighting the fires under our own asses.

Doing More Faster

To meet our goals, we need to be moving faster than we are. In order to do that, we’ll need to set more regular milestones and timelines to constantly be pushing forward and not get stuck working on any one thing. Moving forward, we’ll work together to set quarterly and monthly goals to keep us focused on the right tasks to progress toward our 12-month goal.

[Alex note: since we wrote this, we’ve developed an entirely new system of benchmarking and goal-setting (based on a system used at many successful companies) that has made a huge impact on our productivity and workflow. Excited to share more on this soon.]

Bugs and Infrastructure Debt

A good portion of our development week is spent squashing bugs. If we’re going to accept that this is going to be the case, I think we should realistically look at our resources and figure out how we can account for these resources being used.

In addition to bugs, we can’t seem to get over our infrastructure debt. With bugs and infrastructure stories like parsing etc. we can’t ever seem to get over the Next Up bucket in PT. This is unacceptable and we’ll never be able to grow if this continues.

[Alex note: since we wrote this, we’ve covered one of our solutions to this issue in this post about our bug report workflow .]

Estimations

We’ve been consistently off on our estimates of how long things will take. Most notably, Trends, Settings, Parsing etc. have all taken 3x longer than expected. In order for us to more accurately plan for future growth initiatives, we must get better at estimating releases. On that note, when we release features we need to make sure we’re not cleaning up that feature for days/weeks to follow.

[Alex note: the systems in the post I linked above have also helped us get better at estimating and planning.]

How We Plan to Accomplish Our Goals

Doubling down on blogging.

To date, our content efforts have driven more users than any other channel. We’re going to grow this through:

  • Keyword research to better validate blog topics (especially for the new support blog)
  • Launching a new, improved support blog in the next month
  • Closely tracking blog metrics and movement of blog visitors through our funnels
  • Publishing more guest blog posts on high-profile outside blogs

[Alex note: we’ve got two very exciting guest blog posts planned on sites that everyone reading this blog will recognize. The first drops on June 24th.]

Community Building & Online Engagement

While the community on our blog is incredibly active and engaged, we’re going to be doing more to build the Groove brand outside of our own web properties:

  • Developing a data-driven social media strategy (which platforms are best for us?)
  • Sourcing case studies from Groove customers to be published around the web
  • Creating a community for entrepreneurs (and Groove customers)
  • Building the relationships we need to get more high-profile customers using Groove

[Alex note: for the first time, we’ve developed a game plan around social. Follow us on Twitter for more in the next few days.]

Organic SEO

Through the blog, we’re already ranking for a number of competitive startup-focused keywords on Google. We’re going to be taking a more strategic approach to organic SEO by:

  • Developing personas for customers who are closer to being ready to get value from Groove than the traffic we’re currently getting
  • Doing keyword research to find out what those customers are searching for
  • Building blog/webinar content and targeted landing pages specifically for those interests

[Alex note: to date, we’ve largely ignored SEO. While it’ll never change the way we write, it will help us figure out the best ways to add value in ways that more people are looking for.]

We’ve talked about this quite a bit, and it’s going to be a big focus for us moving forward. We need to build a more structured referral engine, whether we build it ourselves or use a turnkey solution.

[Alex note: we’ve written quite a bit about this in the last few weeks.]

Expanding Integration Partnerships

Our HipChat integration has been a big boost to Groove, both to our customer base and our brand. We should continue to build an ecosystem for companies to integrate with Groove, and to do that, we’ll need to launch a lot more integrations.

Part of that is on the development side. Part of it means building deep relationships with potential partners to help us spread the word when we launch the integrations.

Product Improvements

We’ve done a lot of great work to take the product from where it was two years ago to today. And I’m really proud of our team for that.

We all know that there’s a lot of work left to do to make Groove’s software the no-brainer best option for SMB’s .

To do that, we’ll:

  • Invest resources into strengthening the core infrastructure of Groove to minimize bugs, performance lags and regression issues.
  • Rewrite the Knowledge Base app so that it becomes good enough to be a standalone
  • Fix Live Chat bugs to make the experience better
  • Make the transition from other helpdesks to Groove more seamless
  • Put more “polish” on the app to make it more fun to use (a la Slack, MailChimp, etc…)

As a team, we also need to do a better job setting realistic expectations for development timelines. This will help us set better goals and have more wins, rather than spend our time playing catch-up.

[Alex note: we’ve got a lot to do here, and will keep our development team incredibly busy. More on our plans for this coming soon.]

Driving Paid Traffic

While it won’t be our primary strategy, we’ll test driving paid traffic to support our other efforts, including:

  • Retargeting
  • Pay Per Click on Google, Facebook, LinkedIn, Outbrain
  • Native Ads elsewhere

[Alex note: we’ve tested some paid traffic in the past, but weren’t impressed with the results. We’ll revisit this more strategically and see how it goes, though I doubt it’ll ever become a cornerstone of our business; organic traffic has been exponentially more valuable to us.]

Improving the Marketing Site

Our marketing site converts, but it can convert much, much better. Over the next twelve months, we’re going to be:

  • Testing all major elements of the page
  • Testing more video content
  • Building case study videos
  • Creating more targeted landing pages that are vertical-specific, content-specific and partner-specific
  • Improving our feature tour
  • Doing SEO keyword research to optimize our copy

[Alex note: Our redesign made a big difference, but there’s much more to do. Expect to read a lot about this on the blog.]

Better Lead Nurturing

With more than 10,000 blog subscribers, among thousands of other email addresses, we have a lot of qualified leads, and we haven’t been doing a whole lot to nurture them. To change that, we’ll be:

  • Implementing drip campaigns for new subscribers that drive them toward signup
  • Creating more “middle-of-the-funnel” content for qualified leads

[Alex note: we’re not going to start selling here, or to our blog list. But we will be exploring ways to ensure that when people are ready, they know exactly where and how they can sign up for Groove.]

It sounds cliche, but this is an exciting time at Groove.

We’ve turned down multiple acquisition offers.

Our valuation has continued to rise dramatically.

We truly are on the verge of “breaking out” as a major player in the SaaS support space, and we’re all poised to benefit from that.

What we need to do to accomplish it is keep our eyes focused on the next big goal: 5,000 paid companies.

In the coming days, we’ll work together to set monthly and quarterly milestones that we can work towards to ensure our success.

We’ll start executing on these strategies.

We’ll track and test everything.

And together, we’ll win.

Alex's signature

What Happens Next?

Clearly, we’ve got a lot of work to do.

We’ve gotten started on breaking much of this strategy into individual and team action items, and building more granular tactical plans for executing, tracking and testing every element of our strategy.

Things are going well, and the team is excited to have a single, focused vision to drive toward, rather than what felt like an infinite scramble.

I can’t wait to see what this effort brings.

In the meantime, my goal in sharing this was to get you thinking about your own business goals, and how you can accomplish them strategically and systematically.

Of course, feel free to copy any of the content above for your own plan. I hope it’s as useful for you as it has been for us.

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--> 12 months of business growth strategy to help you crush it in 2020 -->

Blog_12 months of business growth

Well done! As a business owner, you’ve worked hard — really hard — and it’s paying off. You’ve been in business for several years, hired employees and even weathered a few storms.

Growing a business requires just as much time, energy and strategy as running the business itself. That’s why we put together this practical guide for growing your business from good to great!

Looking ahead to future growth.

What follows is our list of suggestions and action items for each quarter to get out of survival mode and into growth mode. 

We’ve kept in mind that every business is different, each with its own unique challenges and varying levels of complexity. W hile following these suggestions diligently will likely result in the growth you’re after, it’s perfectly alright to make changes during the year. Feel free to tailor the recommendations to your specific goals and needs.

To get the most out of this guide we recommend you: 1. Print it out 2. Highlight and take notes on it (don’t be afraid to mark it up) 3. Keep it on your desk 4. Set a calendar reminder to review it on the first of every month to gain new insights

❏ Create a comprehensive contact list.

Here’s where you want to make (or update) a comprehensive list of all your existing and potential contacts. 

This is the foundation for everything else in the plan, so be sure to carve out adequate time in your schedule to do it. (You won't be sorry.) 

  • Incorporate anyone and everyone who’s ever purchased something from your business, i nclud ing anyone who’s ever expressed an interest in your products or services. 
  • Put all these contacts into an email list.
  • Red Alert: C ustomers you might be about to lose.
  • Loyalty Risk: C ustomers who are still using your products or services, but who aren’t loyal. 
  • Platinum: Customers who are not only loyal but actively advocate for your business.
  • A lot of business owners skip this step, thinking they need to only include existing and potential customers. Don’t make this mistake!
  • Think in terms of everyone being a potential customer. Since you already have a relationship of trust with vendors, they could turn out to be valuable resources for leads and information. 

❏ Review your online presence.

  • Hint: Photos and videos are a must in today’s online marketplace, so use them. They create immediate engagement versus mere text which many only scan or skip reading altogether.
  • Hint: Look at your website through the eyes of your prospects and customers. Are you missing vital information? Do your embedded links direct them to the correct page? How easy it is for them to contact you? Online? Over the phone? In person?

❏ Launch a monthly online newsletter.

  • In your initial email , be sure to thank your contacts for being supporters of your business.
  • Explain that you intend to keep them up to date with a newsletter . T ell them how often they can expect to receive it.
  • Finally, give them an opportunity to easily opt out. Also consider offering an incentive to stay on the mailing list. (e.g. exclusive discounts and coupons for those who don’t unsubscribe .)  

❏ Address w ebsite w oes .

  • Remember those notes on your website? It’s time to make those updates so your site is up to date and user friendly with helpful content for you to generate even more leads for your business.

❏ Research charitable organizations .

  • Research local charitable organizations and identify reputable ones that resonate with your values, company culture and business mission. Then, narrow it down to two top choices you’d like to affiliate your business with.
  • Call the charity to ask what kind of support they’re currently seeking, and if they’d be willing to work with you. 

❏ Leverage holidays p romotion s .

  • If one channel (such as Facebook, LinkedIn, Twitter, etc.) better targets the people you want to reach with this promotion, consider posting exclusively on that channel. 

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❏ Schedule social media content posts .

  • P ut together a schedule of posts around other local and national holidays.
  • As a rule, post promotional content only 20% of the time, and use the remaining 80% to post content that’s valuable to your audience and drives engagement (e .g. f ree reports, industry headlines , p hotos from your after-hours event, or behind-the-scenes insights from your business).
  • One particularly effective way to drive engagement is to offer a discount or even a small gift for those who respond to posts with a tag. Many followers will go out of the i r way to receive a prize.

❏ Cultivate referrals.

  • T hink about implemen ting a formal program that rewards your customers for sending referrals your way. 

❏ Design and send your monthly newsletter .

  • Remember, people get loads of these types of newsletters in their inbox. If you want them to actually read yours, keep it short and include punchy graphics, photos and information about discount offers and special rewards programs.
  • Compelling employee profiles
  • Industry developments
  • General news items that could affect their businesses 

❏ Audit your social media strategy .

  • Hint: Aim for posting only strong content even if it means you have to pare down to one or two channels. 
  • Make time to review engagement levels for your posts and make any adjustments based on this information.
  • Consider creating a VIP group for customers who have shown interest in and consistently comment on your posts. 

❏ Optimize your Google My Business p rofile.

  • Google play s a huge role in directing potential consumers to products and services in their area. One of the best ways for you to connect with local consumers is to set up a listing on Google My Business. Not only will potential customers quickly see your business’ name, location and contact information, but they will also see photos of your business, read online reviews, and learn more about your product. Did we mention it’s free? E stablishing your business on the world’s largest search engine is an easy way to increase your chances of being found online and generate more revenue.

❏ Plan an event with a partner charity .

  • Begin planning an event with the charitable organization you reached out to in February.
  • Work with your partner charity to promote your joint event across all marketing and social media channels.
  • Consider running an ad in your local newspaper, or ask if they’d be willing to write a story in advance of the event. (Writing and sending a press release can help with this.)
  • Include any promotions and remind your customers to sign up for your referral program.
  • Announce your event with your charity partner. 

❏ Host  event with a partner charity .

  • Invite Platinum clients personally to attend the event. 
  • Make sure people understand why you, personally, are passionate about this cause.

❏ Follow up after the event.

  • Post photos of the event on your social media channels and in next month’s newsletter.
  • Let people know how the event benefited the charity, including the total funds raised as a result of the event. 
  • Include an exclusive discount or small giveaway for your newsletter recipients.
  • Incorporate seasonal trends and topics. Consider announcing a promotion around an upcoming holiday.
  • Consider embedding a short video illustrating how you’ve helped a specific customer this year, or recognizing an outstanding employee. 

❏ Express gratitude to your customers.

  • Send a small appreciation gift to your Loyalty Risk clients. If a gift expense isn’t in the budget, create and mail personalized thank you cards.
  • If your budget allows, consider designing a contest so one lucky customer could win a big reward (i.e. an all-expense paid cruise, an iPad or something of significant monetary value). 
  • Do you have a thought leader or maybe just a really opinionated person in your office? Leverage their experience! Feature his or her knowledge about best practices, new tactics or recommendations in this month's newsletter.

❏ Stay on your social media game.

  • Continue to audit your plan and identify areas for improvement.
  • What trends did you identify last quarter? Start pulling back on the strategies with low ROI and go all in on the ones with the most return.
  • Ask people for tips on how they manage the holiday season.
  • Ask what their favorite food associated with that holiday is.
  • Are they staying home or planning a trip for the holiday? Do they have holiday travel tips?
  • Keep up the good work! Consider announcing a themed promotion or coupon.

❏ Target new customers with Facebook ads.

  • Now that you’ve established your business’ social media presence, it’s time to run some targeted ads on Facebook. Facebook’s advertising tool lets you easily aim your marketing message at people who are more likely to be interested in what your business offers.
  • Facebook advertising costs range widely and are dependent on various factors, such as your industry, location and objectives. Don’t be afraid to experiment and tweak your settings to see what works best for you.

❏ Design and send your monthly newsletter.

  • The purpose of this newsletter is to keep people informed about your business and brand. These emails are your opportunity to talk about your brand and its purpose. Explain where your company has been and where it’s going.
  • A strong subject line to entice readers to open your email.
  • Content that holds their interest.
  • A clear call-to-action for them to click.

❏ Revisit your strategy.

  • Block out some time to review your strategy for the year so far.
  • What’s working? What isn’t? Where are you in terms of your marketing and advertising budget?
  • Remind customers to join your referral program.
  • Share a recent customer testimonial. Include a short quote and picture of your customer so readers can relate.

❏ Double down on your social media presence.

  • Consider creative ways to engage your customers. For instance, you can run a contest asking recipients to post a themed photo on social media and tag your business. Offer a giveaway for the customer with the best response.
  • Consider featuring seasonal tips or advice that will position you as an expert.
  • In your social media posts and in your monthly newsletter, don’t forget to tell your customers how grateful you are for each and every one of them. Without them you couldn’t have a thriving business, so give them a lot of love.  

❏ Analyze your customer list.

Remember that comprehensive customer and business contact list you put together in January? Break it out again and review each customer (Red Alert, Loyalty Risk or Platinum ). R eorganize any who have hopped categories.

  • Consider including a personal note about your favorite memories of the season, accompanied by a festive photo of you and your staff. 

❏ Spotlight various customers.

  • R ecogniz e your customers in your social media posts and on your website is a great way to build rapport and customer loyalty. (Plus, it’s just the right thing to do.)
  • Customers love to hear how they’ve played a part in creating your success story so don’t hold back on your social media channels, and don’t forget to tag specific customers if appropriate.

❏ Annual after - action review

  • Now that you’ve completed the full 12-month growth strategy cycle, it’s time to look back to see which ones were most effective. 
  • Use your analysis to hone in on your strategies for the next four quarters , eliminating items that didn’t provide a big return and emphasizing ones that did. 

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How to Create a 12-Month Marketing Plan: Step-by-Step Guide

Annual marketing plan

Learn how to create a 12-month marketing plan with these five steps: define business goals, conduct SWOT analysis, identify target personas, create an execution plan, and measure marketing efforts. A clear business and marketing plan can help secure funding resources or pitch to investors. Use Visme templates for customized plans in different industries. Financial professionals should focus on getting more prospects through seminars and appointments while creating daily routines for success. Real estate agents need consistent content creation to build credibility and trust over time. Strategy is the key to winning over competitors , not just planning .

What Are the 5 Steps in Order of a 12-Month Marketing Plan?

The video is about five steps to prepare a 12-month marketing plan.

The first step is to define your business goals, including who you want to focus on and how you will achieve those goals.

Conducting a SWOT analysis (strengths, weaknesses, opportunities, threats) of your industry is the second step.

Defining the target personas (ideal customers or clients) is the third step.

Creating an execution plan that includes different marketing strategies such as social media marketing and search engine optimization is the fourth step.

Organizing and measuring your marketing efforts by checking analytics and demographics is the fifth step.

Having a clear business plan and marketing plan can help fund resources or pitch to investors.

Breaking the 12-month calendar year into quarters can help dissect marketing goals effectively.

Free resources are available for those in need of assistance with their marketing efforts from Mallory Humes’ website mentioned in the video description.

Viewers are encouraged to subscribe to Mallory’s channel for future videos on similar topics related to entrepreneurship and female boss mothers.

How Do I Create a One Year Marketing Plan?

John Terry is hosting a workshop on creating a 12-month marketing plan for financial professionals.

The goal is to help these professionals grow their practice by at least 20% annually.

Successful advisors follow a daily routine and have a plan in place for marketing, business management, and client interactions.

To create the 12-month plan, break it down into smaller chunks: quarters, months, weeks, and daily tasks.

Reflect on what worked and didn’t work the previous year to learn from mistakes and repeat successes.

The top 5% of financial professionals do what unsuccessful people do sometimes or not at all.

A successful plan must address marketing strategies that consistently attract quality prospects throughout the year.

Financial professionals should focus on getting more seats (for seminars), appointments on calendars with quality prospects, closing more deals, and having satisfied customers refer others to them.

Following through with the implementation of the plan is crucial to success; otherwise, nothing will happen or the results will be mediocre/mediocre like most other advisors.’

Dr. John C Maxwell says that the secret to success lies in one’s daily routine; therefore, financial professionals need to devise a process they can follow every day to successfully achieve their goals over time.

12 Month Marketing Plan Guide

The total cost of marketing ingredients for a full month is $15,000.

Expenses include frosting, baking powder, chocolate, vanilla extract and other specialty flavoured varieties.

The advertising budget is $40,000 per year to expand into multiple marketing areas such as television, Internet advertising and newspaper advertising.

Marketing maintenance costs are $15,000 per year, which includes cleaning facilities and monitoring repair damage.

Total expected revenue is $200,000 based on known mathematical information at this time.

Revenue estimates depend on the target market’s interest in the products offered.

The company offers a variety of specialty flavoured ingredients in addition to those mentioned above.

There will be no additional costs for any other ingredients required during the month-long marketing campaign.

Multiple forms of advertising will be used to reach potential customers.

10.The company has considered all possible expenses while estimating their revenues.

What Should Be Included in a 12-Month Marketing Plan in Real Estate?

The video discusses a 12-month marketing plan for real estate agents.

Trevor, CEO of Carrot, works with thousands of real estate professionals to help them gain momentum and consistency in their marketing.

The plan aims to provide predictability and freedom in lead flow and quality.

Short-term, quick-impact marketing strategies are not enough; long-term momentum building is necessary for success.

Content creation is key to building credibility, trust, and engagement with potential clients.

Facebook ads can be effective but should be used in tandem with content creation for maximum impact.

Launching a website, creating unique content, and placing Facebook pixels on your website are important steps in the first month of the plan.

Location landing pages can help you outrank Zillow if used correctly

Video posts feature allows agents to create short videos that turn into written content automatically

10.The overall goal is to build momentum through consistent content creation that adds spots for people to find you while building credibility and trust over time.

Complete 12 Month Marketing Plan Template

The speaker is a woman named Perez who is excited to share her 12-month marketing plan.

She believes that having a plan in place is necessary to achieve six or more figures in an online business.

Coaching was the only thing that changed everything in her business and allowed her to look at it differently.

She encourages people to be open to suggestions, coaching, and a different way of building their business if they want to succeed.

Going into 2019 with the same approach as previous years sets one up for failure.

Perez has never had a 12-month plan before, but will discuss what to consider when creating one.

She opened five coaching spots for two hours of coaching for the price of one and only two spots remained available.

Coaching can help people realize basic things missing from their business plans that could double revenue and profits in 2019.

The speaker stresses the importance of being honest with yourself about stubbornness or resistance to change that prevents success.

Perez’s goal is not just inspiration but empowerment through action towards progress in both life and business endeavors.

How to Create a 3, 6, Or 12 Month Marketing Plan

The speaker used to create 12-month plans for clients in their previous businesses.

Long-term planning still plays a role, but it can be overwhelming for new service professionals.

Marketing is unpredictable and requires testing and feedback before making long-term commitments.

The speaker prefers 90-day chunks because they are more manageable and allow adjustments based on results.

A rolling 90-day calendar can be used instead of an annual plan.

Some people may prefer to have an idea of what they will do for the year, especially if there are big promotions or events planned.

Ninety days is a good time to work with when implementing marketing strategies.

It allows you to start implementing it quickly and see how things work without going too far into the future.

Fine-tuning can be done after each 90-day period based on feedback and results achieved during that period.

10.The speaker’s approach is more effective than what some may have done in the past.

A 12-month marketing plan is a comprehensive strategic document that outlines the marketing goals, strategies, and activities that a company intends to implement over the course of a year. It provides a roadmap for the marketing team, guiding their efforts to achieve specific goals and targets.

Here are the key components typically included in a 12-month marketing plan:

Executive Summary: Provide an overview of the marketing plan, highlighting key objectives and strategies to be implemented.

Situation Analysis: Assess the current market landscape, including the competitive environment, industry trends, and customer insights. Identify strengths, weaknesses, opportunities, and threats (SWOT analysis) to inform your marketing strategies.

Marketing Objectives: Clearly define the specific goals and objectives that your marketing efforts aim to achieve. These could include increasing market share, boosting sales revenue, launching new products, expanding into new markets, or improving brand awareness.

Target Audience: Identify and profile your target audience based on demographics, psychographics, behaviors, and preferences. Understand their needs, pain points, and motivations to effectively tailor your marketing strategies.

Marketing Strategies: Outline the overarching strategies that will be employed to reach and engage your target audience. This can include digital marketing, content marketing, social media marketing, email marketing, influencer partnerships, traditional advertising, public relations, events, or a combination of various channels.

Tactical Implementation Plan: Break down strategies into specific tactics and activities to be implemented month by month. This can include details on campaigns, content creation, advertising schedules, product launches, event planning, and other marketing initiatives.

Budget Allocation: Determine the marketing budget for each month and allocate resources accordingly. Consider expenses for advertising, content creation, promotions, events, marketing technology tools, and any other relevant areas.

Key Performance Indicators (KPIs): Define the metrics and KPIs that will be used to measure the success and effectiveness of your marketing efforts. This can include metrics such as website traffic, conversions, sales revenue, brand reach, customer acquisition, or customer engagement.

Monitoring and Evaluation: Establish a system for monitoring and evaluating the performance of your marketing activities throughout the year. Regularly review KPIs, track progress, and analyze results to identify areas for improvement and make necessary adjustments to your strategies.

Collaboration and Team Roles: Define the roles and responsibilities of the marketing team members involved in implementing the plan. Foster collaboration and clear communication channels are established to facilitate coordination and seamless implementation.

Contingency Plan: Anticipate potential challenges or unforeseen circumstances that may affect your marketing plan. Develop contingency plans to address these challenges and adjust your strategies accordingly.

Reporting and Review: Set up regular reporting intervals (monthly, quarterly, or as required) to review the performance of your marketing initiatives. Share insights, learnings, and recommendations with key stakeholders and make necessary adjustments for future months.

It is important to note that a 12-month marketing plan should be flexible and adaptable. As the market evolves and new opportunities arise, be prepared to revise and update your strategies to align with your business goals and customer needs.

Related posts:

  • How to Write a Marketing Action Plan: Step-by-Step Guide
  • How to Plan a Marketing Campaign: Step-by-Step Guide
  • How to Use a Blog Content Planner: A Step-By-Step Guide
  • Digital Marketing Process – Step By Step Guide

12 month running business plan

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How to Create a Powerful 12 Month Vision for Your Business in 15 Minutes

Her Business

You get to create your life and business. It is within your power to be intentional about your business success by being deliberate and detailed about your vision.

You want to be able to relish your vision, sit in it, soak it in. Why? Because everything you do daily in your business, including the things that bore, overwhelm or irritate you, are in service of your vision. A strong, compelling, inspirational vision will pull you forwards.

Envisioning a new future may require a mind shift, to begin with. Your vision is more than a to-do list, more even than setting goals. It is about creating a big dream that pulls you forward.

Don’t worry if you don’t know how to get there. Thinking about getting there and how far we are from our goals is a great way to feel stuck or move backwards. So often get bogged down with the day-to-day and think like we’re not making meaningful progress. Instead, let’s focus on the word “vision” and precisely this idea of envisioning a new future. This idea of picturing what you want mentally is important because the vision starts much earlier than the practical strategies, plans, and actions.

Can you confidently and succinctly describe your 12-month vision?

When we asked women inside the HerBusiness community about their business visions, more than half had created a vision in the past but acknowledged it needed to be updated. Some women had a vision but hadn’t documented it. Some people, a tiny percentage, had a clear vision. Many had no clear vision.

We’re bombarded by this idea that we should have a really big vision, especially when we see people like Richard Branson and Oprah Winfrey changing the world. So we start to believe our vision needs to be that ambitious. But here’s the thing: if your vision is to help 100 people with Type 2 diabetes feel better about their health. Or, to help a thousand women to create a wardrobe full of clothes that they love, or to help 20 corporations overhaul their corporate identity, all of these are profound, beautiful visions. Even a vision of working less and spending more time on your hobby is a valid vision.

Creating a vision is about what’s right for you and what captures your heart’s desire.

Why do we create a 12-month vision, not a 5-year or lifetime vision for our business?

Whether you’re trying out a new business model, or you’re looking for more ideal clients, or you’re figuring out your marketing, you want a focused vision for your business. You may be tempted to go really, really big, but here’s what I know. I couldn’t see more than 12 months ahead in some years running my business. Some of us can’t even see a few weeks ahead.

Envisioning years and years ahead can be challenging because the world changes all the time. A few years ago, the phrase “Watching TikTok videos will entertain us during the COVID pandemic” would have meant nothing to us. What commonly understood terms will we be using in another two years that we have no idea about today?

In my first few years of business, the vision I had is markedly different from my vision today. This is why I recommend focusing on the next 12 months.

Let’s envision what your business looks like one year from now.

Why is YOU the most essential Growth Zone in your business?

When women join the HerBusiness network, they experience a 12-month cycle of working on different parts of their business, from being savvier in their marketing, finding the right technology to manage their processes, understanding how to build a team, and so on. We call each of these areas Growth Zones.

One Growth Zone is called the You Growth Zone. You are the most essential part of your business. Your mindset, vision, and confidence are integral to having a successful business. I tell you this because vision is part of the You Growth Zone and is core to taking care of you. It helps you design a business you love.

What do you want? What is ideal for you? And what is your 12-month vision?

Where do you want your business to be in 12-months’ time – even if you don’t yet know how you’re going to get there? If nothing that’s happened up until now mattered to the future of your business, how would your business look 12 months from now?

In 2019, I envisioned spending 10 weeks in New York City with my partner, PJ. I’d had this dream for many, many years, and I decided 2019 would be the year we were going to make it happen. Although, I admit I was scared to create this vision because I knew it would take a hell of a lot of work to get there.

I knew there’d be planning. We’d have to upgrade our technology. We’d have to manage the logistics far away and in different time zones. And what about the team? What promotions could we reasonably execute? It turned out to be one of the most rewarding, exciting experiences of my life. And it started as a vision.

HerBusiness member, Chantel Gilbert , built Bluegum Electrical Solutions from scratch with her husband Josh. They provide quality electrical services to customers in regional Victoria. They’ve helped hundreds of local families enhance their homes and businesses with electrical upgrades.

A couple of years ago, Chantel’s vision was to get a third van on the road. You might think that’s an oddly specific 12-month vision, but she knew if they had a third van, Josh could get off the tools a bit, she could step into the operations manager role, and they could afford to increase their staff.

A couple of years later, their revenue has climbed to almost $2 million. Chantel is super clear on her vision.

Fiona Keary created The Style Liberation , helping women put together a wardrobe full of clothes they love. Her 12-month vision is focused on bringing new members to her Super Stylers Program – an online membership community that helps coach and support women to look and feel fabulous.

Amanda Farmer of Your Strata Property helps property owners demystify the legal complexities of apartment living. She created a vision of more than 30% of her income coming from non-face-to-face legal services. Today more than 50% of her income comes from non-face-to-face services such as the power of creating a vision.

Your business activity might change every year; the world certainly has over the last 12 months.

How Do YOU Create a 12-Month Vision for My Business?

You can create a 12-month vision for you and your business in just 15 minutes.

  • Find a quiet space and PAUSE . Block off the time and place to sit and REFLECT .
  • What big change would make your business more ideal for you?
  • What could revolutionise your business?
  • What do you want MORE of in your business?
  • What do you want LESS of?
  • Setting a monetary target, e.g., increasing profit by $50,000 in 12 months.
  • Building your customer base, e.g., increasing your membership group by 100 new people or growing your email list by 1,000.
  • Stepping out of day-to-day operations, e.g., hiring a manager or a virtual staff member
  • Scaling up, e.g., moving from 1:1 coaching or professional services to 1:many workshops, online courses or mentoring
  • Expanding your business, e.g., taking your offline business online
  • You might be part of a networking group. Be sure to share your goals in a supportive environment (Inside of HerBusiness, we call this the “Lift Up” move – where your wins can be shared and supported).
  • You may have close friends with similar aspirations – make time to share your goals with them.
  • You may be part of the HerBusiness Network with all its support and connections (If you’re not, request an invitation).
  • Writing down your vision is the first step to making it real.
  • Sharing your 12-month vision will declare your intention and draw support and energy towards you.
  • Reward yourself along the way for each micro-win to keep you motivated and focused.

Create a vision so strong, specific and compelling that you can’t help being pulled forward into an inspiring and exciting new future.

A 12-month vision, when realised, can revolutionise your business and take you to the next level.

Remember, it starts with you.

If you would like to experience the same level of support and connection as so many of our HerBusiness Network members, then head over to herbusinessnetwork.com and put your name down on the waitlist to join us when the doors are next open .

About the Author

12 month running business plan

Hi there. I’m Suzi Dafnis, CEO at HerBusiness. My BIG passion is helping women business owners to grow and scale their business, so that they can create their ideal lifestyle and make a difference in the world. Every day I am inspired by the more than 30,000 amazing women (and...

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12 month running business plan

CFOShare

What is a 12 Month Rolling Forecast?

A rolling 12-month forecast projects financial performance over a 12-month time horizon using the “add/drop” approach to forecasting. Unlike a budget or calendar year forecast, a rolling 12-month forecast adds one month to the forecast period each time a month is closed so that you are continuously forecasting for 12 months. This enables continuous planning of future performance based on actual performance. A rolling forecast model is a dynamic and advantageous way to plan in an ever-changing business environment.

Calendar year financial forecasts, the most popular alternative to 12-month rolling forecasts, are easier to build and update, but have diminishing value as the year progresses. As a result, many businesses become frustrated with forecasting in general and feel it is a waste of time.

Image of a rolling 12-month forecast time horizon extending beyond a calendar year

Advantages of a rolling forecast

The 12-month (or sometimes 24-month) rolling forecast is the most important financial planning tool for your business. The insight gained from routine forecasting completely changes the way you manage your business. Would your business benefit from continuous and dynamic operating forecast? Here’s the advantages of a rolling forecast model.

Effortless Insight

Good rolling forecasts can be easily updated with the most recent financial and sales data, creating instant insight into business trends. This takes the burden of analysis out of routine planning.

Responsive and Dynamic

By accommodating new data easily, a rolling forecast is more dynamic and responsive to changing conditions. For example, during the unexpected Covid-19 pandemic, small businesses had to abandon their budgets and rely on operating forecasts to understand and plan for the new environment. This is significantly faster and easier than re-budgeting mid-year.

What-If Scenarios

Like any good forecast, a rolling forecast can be used to perform long term what-if scenario analysis. This allows management to test the outcome of strategic decisions such as hiring new employees, purchasing equipment, or selling a big contract.

How to create a rolling forecast

Forecasting is half-art-half-science. An effective and efficient forecast is a combination of accurate formulas and good user experience (UX.) here are six steps to creating a rolling forecast:

  • Start with revenue . Sales forecasting is the foundation – and most difficult part – of any forecast. One basic approach is using trailing 12-month trends to project forward, but that’s not best practice. Instead, we recommend performing an analysis of your sales and marketing funnel with a model to match. Check out our whole separate article on how to forecast revenue .
  • Build a headcount plan. Create a list of all your employees, their department, and their wages. Then add placeholders for future hires – a lot can happen in 12-months, so think outside the box.
  • Peg costs and working capital to revenue. Your variable costs, inventory levels, accounts receivable, accounts payable, and many other balance sheet items will likely change as revenue fluctuates. By using formulas to tie these accounts to revenue, they will be responsive to changing business conditions.
  • Create all three financial statements. A true forecast includes a balance sheet and statement of cash flows, not just an income statement. Excluding one or two of these financial reports will cause your cash projections to be wrong!
  • Tie in historical financials . Your forecast needs to tie in actual results. The easiest way to do this is add two new tabs in Excel – one for your income statement, one for your balance sheet. Best practice is to use a combination of labels, groupings, and sumif formulas to automatically update the forecast once you “drop” an updated set of financials.
  • What happens if we increase sales 1000%?
  • What is the impact of adding 10 new employees?
  • Can we model the effect of a global pandemic changing the economy overnight?
  • Clean up the model. Take one final hour to remove unused data, clean up fonts, colors, and titles, and create a set of instructions so you remember how to use the model.

Forecast Reliability and UX

Your rolling forecast should empower strategic planning and tactical decision making, not limit them because the model is too cumbersome to update. Rolling forecasts require continual updates – monthly or quarterly, at minimum. When a financial forecast is not designed to accommodate such updates easily, the monthly process becomes burdensome, errors slip through unnoticed, managers get frustrated, and companies often give up on the forecasting process. To avoid errors and bad decisions, it is vital to design a reliable update process into your model. Follow these best practices to ensure a good user experience and avoid update errors:

  • This should be based on sensitivity analysis of key drivers
  • Update key business drivers monthly, at minimum.
  • Update less critical assumptions quarterly, annually, or ad-hoc.
  • Highlight model variables in a special, consistent color.
  • Create a checklist process for how to update the model.
  • Perform period-over-period forecast variance analysis to measure changes and identify abnormalities.

Click here to hire Fractional CFO services to build your forecast

Disadvantages of a rolling forecast

There are drawbacks to using rolling forecasts instead of planning tools like rolling budgets (see below) or calendar forecasts.

Difficult to Build

Creating a rolling forecast is significantly more challenging than creating budgets or calendar forecasts. An experienced analyst at CFOshare spends 30+ hours creating a rolling forecast and customizing it to your business. If you are not a financial expert, it may take you twice or three times as long. Worse yet – you likely will not design the update process efficiently, resulting in lost hours every month in the intense and complex update process.

No Good Forecasting Templates

Although there are decent templates and software solutions for other financial planning tools like budgets or cash flow forecasts, there are no good templates for rolling forecasts. That’s because rolling forecasts must be heavily customized to match your data sources and business model.

Good Accounting Required

Rolling forecasts use accounting reports as part of their inputs. As a result, if you use cash basis accounting or follow other sub-optimal accounting practices, your forecast quality will be compromised.

If rolling forecasting sounds too advanced or too expensive for your business, consider it’s micro-business alternative: the rolling budget.

What is a rolling budget?

A rolling budget is a business planning tool updated monthly rather than traditional annual budgeting . Unlike a rolling forecast which is highly automated, a rolling budget is manually compiled by management, requiring several hours per month but creating a high level of accuracy. Rolling budgets are more agile and flexible than an annual budget/rolling forecast combination. As a result, they are most useful for:

  • Freelancers and solopreneurs
  • Businesses with fewer than 5 employees
  • Businesses with very few fixed costs

Advantages of a rolling budget

Rolling budgets empower management to shift their cost structure to match expected revenues. The process of defining a new budget every month forces an owner to face cash shortfalls and adjust expenses to match the expected revenue. The rolling budget process forces analysis of each months’ variances, becomes a form of business performance management, and creates a high level of cost-consciousness.

Disadvantages of a rolling budget

As companies get larger, the budgeting process becomes exponentially more laborious, making monthly re-budgeting a major expense. Additionally, as businesses get larger revenues typically stabilize (relative to costs) reducing the need for excessively-dynamic cost planning. Lastly, larger businesses achieve economies of scale by using more fixed costs and fewer variable costs (for example, by hiring salary employees rather than hourly contractors.) These fixed costs make actual results more consistent month-over-month. As a result, most businesses outgrow rolling budgets around $1M in revenue and upgrade to annual budgeting with a rolling forecast.

Does your business need a rolling forecast or rolling budget?

If your current financial planning process is not creating predictable and reliable results, you should consider bringing one of these tools into your business. Signs your small business would benefit from a rolling budget or rolling forecast include:

  • Frequent surprises when you see last months’ financial results.
  • Regularly worrying about how much cash the business has.
  • Managing business expenses “week-to-week”.
  • Losing sleep worrying about the business even though you are break-even or profitable.

Implementing rolling forecasts or rolling budgeting gives you the insight to understand the business trajectory and know what you need to do. If you want help creating a rolling forecast or improving your existing forecasting and budgeting process, schedule a free consultation so we can learn about your business and help you grow.

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IR-2024-45, Feb. 21, 2024

WASHINGTON — During the busiest time of the tax filing season, the Internal Revenue Service kicked off its 2024 Tax Time Guide series to help remind taxpayers of key items they’ll need to file a 2023 tax return.

As part of its four-part, weekly Tax Time Guide series, the IRS continues to provide new and updated resources to help taxpayers file an accurate tax return. Taxpayers can count on IRS.gov for updated resources and tools along with a special free help page available around the clock. Taxpayers are also encouraged to read Publication 17, Your Federal Income Tax (For Individuals) for additional guidance.

Essentials to filing an accurate tax return

The deadline this tax season for filing Form 1040, U.S. Individual Income Tax Return , or 1040-SR, U.S. Tax Return for Seniors , is April 15, 2024. However, those who live in Maine or Massachusetts will have until April 17, 2024, to file due to official holidays observed in those states.

Taxpayers are advised to wait until they receive all their proper tax documents before filing their tax returns. Filing without all the necessary documents could lead to mistakes and potential delays.

It’s important for taxpayers to carefully review their documents for any inaccuracies or missing information. If any issues are found, taxpayers should contact the payer immediately to request a correction or confirm that the payer has their current mailing or email address on file.

Creating an IRS Online Account can provide taxpayers with secure access to information about their federal tax account, including payment history, tax records and other important information.

Having organized tax records can make the process of preparing a complete and accurate tax return easier and may also help taxpayers identify any overlooked deductions or credits .

Taxpayers who have an Individual Taxpayer Identification Number or ITIN may need to renew it if it has expired and is required for a U.S. federal tax return. If an expiring or expired ITIN is not renewed, the IRS can still accept the tax return, but it may result in processing delays or delays in credits owed.

Changes to credits and deductions for tax year 2023

Standard deduction amount increased. For 2023, the standard deduction amount has been increased for all filers. The amounts are:

  • Single or married filing separately — $13,850.
  • Head of household — $20,800.
  • Married filing jointly or qualifying surviving spouse — $27,700.

Additional child tax credit amount increased. The maximum additional child tax credit amount has increased to $1,600 for each qualifying child.

Child tax credit enhancements. Many changes to the Child tax credit (CTC) that had been implemented by the American Rescue Plan Act of 2021 have expired.

However, the IRS continues to closely monitor legislation being considered by Congress affecting the Child Tax Credit. The IRS reminds taxpayers eligible for the Child Tax Credit that they should not wait to file their 2023 tax return this filing season. If Congress changes the CTC guidelines, the IRS will automatically make adjustments for those who have already filed so no additional action will be needed by those eligible taxpayers.

Under current law, for tax year 2023, the following currently apply:

  • The enhanced credit allowed for qualifying children under age 6 and children under age 18 has expired. For 2023, the initial amount of the CTC is $2,000 for each qualifying child. The credit amount begins to phase out where AGI income exceeds $200,000 ($400,000 in the case of a joint return). The amount of the CTC that can be claimed as a refundable credit is limited as it was in 2020 except that the maximum ACTC amount for each qualifying child increased to $1,500.
  • The increased age allowance for a qualifying child has expired. A child must be under age 17 at the end of 2023 to be a qualifying child.

Changes to the Earned Income Tax Credit (EITC). The enhancements for taxpayers without a qualifying child implemented by the American Rescue Plan Act of 2021 will not apply for tax year 2023. To claim the EITC without a qualifying child in 2023, taxpayers must be at least age 25 but under age 65 at the end of 2023. If a taxpayer is married filing a joint return, one spouse must be at least age 25 but under age 65 at the end of 2023.

Taxpayers may find more information on Child tax credits in the Instructions for Schedule 8812 (Form 1040) .

New Clean Vehicle Credit. The credit for new qualified plug-in electric drive motor vehicles has changed. This credit is now known as the Clean Vehicle Credit. The maximum amount of the credit and some of the requirements to claim the credit have changed. The credit is reported on Form 8936, Qualified Plug-In Electric Drive Motor Vehicle Credit , and on Form 1040, Schedule 3.

More information on these and other credit and deduction changes for tax year 2023 may be found in the Publication 17, Your Federal Income Tax (For Individuals) , taxpayer guide.

1099-K reporting requirements have not changed for tax year 2023

Following feedback from taxpayers, tax professionals and payment processors, and to reduce taxpayer confusion, the IRS recently released Notice 2023-74 announcing a delay of the new $600 reporting threshold for tax year 2023 on Form 1099-K, Payment Card and Third-Party Network Transactions . The previous reporting thresholds will remain in place for 2023.

The IRS has published a fact sheet with further information to assist taxpayers concerning changes to 1099-K reporting requirements for tax year 2023.

Form 1099-K reporting requirements

Taxpayers who take direct payment by credit, debit or gift cards for selling goods or providing services by customers or clients should get a Form 1099-K from their payment processor or payment settlement entity no matter how many payments they got or how much they were for.

If they used a payment app or online marketplace and received over $20,000 from over 200 transactions,

the payment app or online marketplace is required to send a Form 1099-K. However, they can send a Form 1099-K with lower amounts. Whether or not the taxpayer receives a Form 1099-K, they must still report any income on their tax return.

What’s taxable? It’s the profit from these activities that’s taxable income. The Form 1099-K shows the gross or total amount of payments received. Taxpayers can use it and other records to figure out the actual taxes they owe on any profits. Remember that all income, no matter the amount, is taxable unless the tax law says it isn’t – even if taxpayers don’t get a Form 1099-K.

What’s not taxable? Taxpayers shouldn’t receive a Form 1099-K for personal payments, including money received as a gift and for repayment of shared expenses. That money isn’t taxable. To prevent getting an inaccurate Form 1099-K, note those payments as “personal,” if possible.

Good recordkeeping is key. Be sure to keep good records because it helps when it’s time to file a tax return. It’s a good idea to keep business and personal transactions separate to make it easier to figure out what a taxpayer owes.

For details on what to do if a taxpayer gets a Form 1099-K in error or the information on their form is incorrect, visit IRS.gov/1099k  or find frequently asked questions at Form 1099-K FAQs .

Direct File pilot program provides a new option this year for some

The IRS launched the Direct File pilot program during the 2024 tax season. The pilot will give eligible taxpayers an option to prepare and electronically file their 2023 tax returns, for free, directly with the IRS.

The Direct File pilot program will be offered to eligible taxpayers in 12 pilot states who have relatively simple tax returns reporting only certain types of income and claiming limited credits and deductions. The 12 states currently participating in the Direct File pilot program are Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington state and Wyoming. Taxpayers can check their eligibility at directfile.irs.gov .

The Direct File pilot is currently in the internal testing phase and will be more widely available in mid-March. Taxpayers can get the latest news about the pilot at Direct File pilot news and sign up to be notified when Direct File is open to new users.

Finally, for comprehensive information on all these and other changes for tax year 2023, taxpayers and tax professionals are encouraged to read the Publication 17, Your Federal Income Tax (For Individuals) , taxpayer guide, as well as visit other topics of taxpayer interest on IRS.gov.

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AT&T Says Service Is Restored After Widespread Cellular Outage

White House officials said the incident was under investigation, but it did not appear to be a cyberattack. Verizon and T-Mobile said their networks were operating normally.

The AT&T logo.

By Jenny Gross and David McCabe

Jenny Gross reported from London and David McCabe reported from Washington.

AT&T said on Thursday that it had fully restored service to its wireless network after a widespread outage temporarily cut off connections for users across the United States for many hours, the cause of which was still under investigation.

The outage, which affected people in cities including Atlanta, Los Angeles and New York, was first reported around 3:30 a.m. Eastern time, according to Downdetector.com , which tracks user reports of telecommunication and internet disruptions. At its peak, the site listed around 70,000 reports of disrupted service for the wireless carrier.

Multiple government agencies said they were looking into the incident, although the Biden administration told reporters that AT&T said there was no reason to think it was a cyberattack.

AT&T did not disclose the scope of the outage, nor the reason for it. When the outage first began on Thursday morning, the company listed the cause as “maintenance activity.”

Jim Greer, an AT&T spokesman, apologized in a statement confirming service was restored and said the company was “taking steps to ensure our customers do not experience this again in the future.”

The outage underscored the importance of connectivity to daily life as individuals and businesses were cut off from communications and the ability to use mobile apps. AT&T advised consumers they could make calls over Wi-Fi and sought to respond to angry customers online. Many phones showed an “SOS” symbol on their screen, signaling they could only make emergency calls, while local governments offered alternate ways to reach 911.

Reports of outages on Downdetector began to fall midmorning, and at one point AT&T’s website showed that outages were limited to users in California , though users in other states were still reporting issues. Cricket, which is owned by AT&T, also reported that its users were experiencing wireless service interruptions and said it was working to restore service.

Reports also surfaced early Thursday that FirstNet, the network AT&T maintains for emergency services personnel, had experienced outages, but AT&T said around 10:30 a.m. that the network was fully operational.

Verizon experienced 3,000 reports of outages at one point on Thursday and T-Mobile about half that. Both companies said in statements that their networks were operating normally.

“Some customers experienced issues this morning when calling or texting with customers served by another carrier,” Verizon said. “We are continuing to monitor the situation.”

In an email, T-Mobile said that it did not experience an outage. “Downdetector is likely reflecting challenges our customers were having attempting to connect to users on other networks.”

Officials in Washington said they were working to understand the cause of the outage. A spokesman for the Federal Communications Commission said its inquiry was being handled by its Public Safety and Homeland Security Bureau, which was in touch with AT&T as well as other providers.

John Kirby, a National Security Council spokesman, said on a call with reporters on Thursday that the Biden administration was told “that AT&T has no reason to think this was a cybersecurity incident,” although he added that they would not be certain until an investigation had been completed.

Mr. Kirby said that, in addition to the F.C.C., the Department of Homeland Security and the F.B.I. were collaborating with technology companies to investigate the outage.

The F.B.I. said in a statement it was in touch with AT&T and would respond accordingly if any malicious activity was found.

Throughout the day, cities urged residents to find alternate ways of reaching emergency or municipal services, like landlines or phones connected to Wi-Fi. The City of Upper Arlington, Ohio , said the fire department might not be notified of fire alarms because of the outage. It urged that any fire alarm be followed up with a 911 call.

The San Francisco Fire Department said on social media that it was aware of an issue affecting AT&T users who were trying to call 911. “We are actively engaged and monitoring this,” the fire department said. “If you are an AT&T customer and cannot get through to 911, then please try calling from a landline.”

The Massachusetts State Police said on social media on Thursday morning that 911 call centers across the state had been flooded with calls from people checking to see if the emergency service worked from their phones. “Please do not do this,” the police said. “If you can successfully place a non-emergency call to another number via your cell service then your 911 service will also work.”

Even in less extreme circumstances, the outage complicated the many elements of life that have come to rely on a reliable connection to the internet.

Staff at the First Watch restaurant in Dania Beach, Fla., had to turn away breakfast customers for a time while the outage prevented them from processing payments.

Debra Maddow, who lives in southwest Houston, said that she first noticed something was off after 7 a.m., when she went to check traffic and Google Maps was offline. Later, she visited a Starbucks to make an urgent call through its free Wi-Fi, she said.

“I’m really frustrated that they’re not telling us anything,” Ms. Maddow said in a phone interview over Wi-Fi. She said she tried to call AT&T for an update, but after a long time on hold, the call was dropped.

Victor Mather , John Keefe , Zolan Kanno-Youngs and Adam Goldman contributed reporting.

Jenny Gross is a reporter for The Times in London covering breaking news and other topics. More about Jenny Gross

David McCabe covers tech policy. He joined The Times from Axios in 2019. More about David McCabe

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Nvidia stock has 10% more upside this year after blockbuster earnings show AI dominance has room to run, Wedbush says

  • Nvidia stock has 11% more upside this year after blockbuster earnings, Wedbush said.
  • Wedbush has raised its 12-month price forecast to $850 from $800, "stepping on the AI accelerator." 
  • "We don't necessarily see a quarter where momentum should slow this year."

Insider Today

Nvidia's earnings report was a hit. Now, Wedbush Securities thinks the stock is poised to rally even higher.

In a note on Thursday following the chip maker's stunning fourth-quarter report , Wedbush analysts bumped up their 12-month price forecast for Nvidia's stock from $800 to $850, saying they were "still stepping on the AI accelerator." A jump to that level would represent about a 10% spike from intraday highs of $774 around 9:50 a.m. ET on Thursday. 

"We don't necessarily see a quarter where momentum should slow this year," they wrote.

Nvidia posted a fourth-quarter revenue of $22.1 billion, more than triple the $6.05 billion it made a year ago, and blowing past estimates of $20.41 billion. Its net profit was $12.29 billion, rocketing up from $1.41 billion a year earlier.

Following the report, Nvidia's stock jumped 13% shortly after the opening bell on Thursday. After investor jitters before release on Wednesday, the stock stumbled and closed at $674.72. It's now whipsawed to around $764 a share.

And there are reasons even more gains are ahead in the next year, Wedbush said.

For one, the company is unlikely to see a weak first-quarter report because its shipments are expected to grow, according to analysts' conversations with key manufacturers. Secondly, Nvidia is set to release a new chip, the H200, which is expected to see strong initial demand and keep second-quarter earnings positive, too.

"Add in signs that customer demand/funds seemingly continue to grow (CSP budgets, AI funding, etc.) as well as some benefits from NVDA's continued growth in important adjacencies such as software/models [...] and we believe any pause appears unlikely to manifest in FY'25."

Nvidia has been catapulted to the forefront of the AI boom because of the chip that it produces and which is in such high demand: the GPU. Those chips are widely used in data centers that are the backbones of complex AI models. The company's data center revenue can in at $18.4 billion, up 408% since last year.

"Guidance, in turn, implies solid growth off the higher number again fueled by the velocity of NVDA's datacenter business," the analysts wrote about the earnings report.

Several banks have also upped their price price targets for Nvidia post-release. Bernstein has raised its price target to $1000 from $700. Goldman Sachs has raised it to $875 from $800. UBS is one of the few firms to cut its price forecast, down to $800 from $850.

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  1. How to make a 12 month plan

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    That said, a typical business plan will include the following benchmarks: Product goals and deadlines for each month. Monthly financials for the first two years. Profit and loss statements for the first three to five years. Balance sheet projections for the first three to five years. Startups, entrepreneurs, and small businesses all create ...

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  24. Tax Time Guide 2024: What to know before completing a tax return

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  25. AT&T Says Service Is Restored After Widespread Cellular Outage

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