How To Build A 5 Year Plan For Your Business In 3 Steps

Would you like to grow your business but are not sure where to start?

In the competitive business world, having a plan is crucial to the success of your business. Creating a 5-year business plan can help you to understand where in your business you need to focus, how to create attainable goals, and why your personal aspirations are important for your business.

Step 1: Start with your Personal Goals

As a business owner, your personal goals can have a big impact on what goals you set for your business. Whether your personal goals are related to time, money, or interests outside of work, these will all have an impact on how you build your plan that delivers on your personal aspirations. The best place to start is to brainstorm your personal desires and use those to set your goals.

Step 2: List your Business Goals

The next step is to convert the personal goals you have set for yourself into goals for your business. For example, if one of your goals is to buy a new home how much would your business have to make in turnover in order to cover the cost of that new home? Alternatively, if one of your personal aspirations is to spend more time at home with your family, what changes do you need to make in your business so you can work less hours or be in the office fewer times a week.

If you're unsure how to document this process, here at ActionCOACH we have our online business planning tool ActionPLAN which can help you create a detailed 5 year plan. 

Step 3: Work Backwards From Year 5

Now that we have our 5-year personal and business goals, we need to work backwards from year 5 to now so you know what actions you need to take in the next 12 months to set you and your business on the path to achieving those goals. For example, this could be introducing a new product or service, hiring more members of staff or changing how you market to your target customers.

Ready to start crafting your 5 year plan? 

Building this plan will leave you with a greater understanding of both your personal and business goals and how to craft the actions you need to take in your business to achieve them.

Want to learn more about how you can reach your goals? Take a look at our learning centre below to find out more about business coaching and how you can grow your business.