There are so many things to think about when you’re starting your own business, especially if you’re working alone. From deciding price points to networking with potential customers, to renting your new premises, entrepreneurs are required to wear many different hats. With so many things to get done in the early days of your business, how can you decide which to do first? Read on to find out how a business plan can help you to get your priorities in order.
Identify time-sensitive tasks
Firstly, what needs to be done right away? Do any of your tasks have deadlines? For example, if you’re setting up as a sole trader you need to register for self-assessment as soon as possible. Depending on your business, you may also need to buy a certain type of insurance or apply for certain licences in order to operate legally. Your business plan should help you to identify what you need to do and when you need to do it.
Set your own deadlines
It’s not just other people’s deadlines you have to worry about – what about your own? What deadlines have you set yourself in your business plan, and how should you prioritise your workload in order to meet them? Your business plan will help you to figure out where you need to go next and what needs to happen for you to get there. For example, you may have decided that you want to set up your online gift store by September so that you have time to market your brand for the Christmas rush. To meet this deadline, you may need to complete smaller tasks such as getting your website designed, sourcing items to sell, and deciding how you’ll handle deliveries, returns, and so on. All of these tasks should have their own deadlines to ensure that the goals you set in your business plan are completed on time.
Consider task dependency
In project management, task dependency refers to the relationship different tasks have with each other when one task or milestone relies on another to be completed before it can be performed. In terms of setting up your business, it may be that you need to create a prototype of your product before you can get feedback from focus groups, and you need that feedback before you can finalise the design of your product. Or it may be that you can’t have a sign made for your shop until you have come up with a name. Whatever it is, your business plan will help you to outline all of the tasks you need to do and which tasks rely on each other before they can be completed.
Identify your biggest threats and opportunities
Use your SWOT analysis to identify the biggest opportunities and threats for your business, and decide which ones you need to tackle first. What is the biggest problem your business faces, and how could this hinder your progress? What steps do you need to take to mitigate those risks? How long will those tasks take, and how important are they to the growth of your business?
Manage your time
Of course, there are only so many things you can prioritise, so look again at your business plan to see how much you can reasonably do in a certain time frame. How long each task is going to take you, and how many balls can you have in the air at once? What would be the best use of your time right now?
Over time your priorities are going to change, and your business plan should change, too. As you begin to tick things off your to-do list and make progress, you will hopefully get closer to achieving your goals, but you may also come across new obstacles. Keeping your business plan up to date can help you to stay organised, manage your time, prioritise your tasks, and maintain a clear vision of what you need to do in order to be where you want to be.
If you would like some help with writing your business plan so that you can reap the benefits of effective prioritisation, contact cbm today.