Author: Joyce Pang
[This post was adapted from BDC’s series for Entrepreneurial Success in accordance with Arrive’s upcoming webinar collaboration with BDC for newcomer entrepreneurs.]
Establishing goals for your business plan involves reflection into what makes your business stand out, and what you want its future to be. Every business owner, at any stage of their business life cycle, needs goals to move forward and maintain a successful business. In our upcoming webinar on Arrive, hosted with BDC and RBC, explore the importance of a business plan being a dynamic and evolving tool for your business.
Here are 7 tips to help you plan and set goals for your business plan:
1. Set quantifiable objectives
The first step in setting business goals is determining exactly what you want to accomplish. Your goals should be descriptive and realistic. If you have any goals that are too large, break them down into multiple steps! Lastly, be certain that your goals can be tracked, measured, and analyzed in some way.
2. Plan your investments
Lay out when, where, and how you plan to invest to achieve your business goals. If you’re planning for long-term goals, you might choose a more aggressive, and higher-risk investment. Speak to an Investment Advisor at your bank to help you choose an appropriate investment strategy.
3. Target financing
For most businesses, financing can be a challenge. Whether your need capital to fund your upcoming project or structured debt for long-term growth, it crucial to have a strategy for how to finance your business.
4. Evaluate your HR needs
Did you know that disengaged employees are twice as likely as engaged employees to seek new jobs? That’s why good HR is crucial for your business. If HR is doing well, employee performance and loyalty will increase, which in turn should help your business achieve its objectives and mission.
5. Understand your market and competitors
Collect and analyze information about your market, including your customers and competitors. Assess what your competitors have to offer and ask yourself where you can improve. A good customer research will help you develop effective sales tactics for the people in your market.
6. Review all requirements to entry
Be aware of the legal requirements you need so your business operates with all required licenses and permits. If needed, reach out to an expert who can provide support to ensure your business is set up correctly.
7. Look for ways to improve
Sometimes you have meetings that aren’t productive enough or projects that take too long. How can you fix these issues? Always be on the lookout for ways to improve the efficiency of your business. Consistent improvements will enhance your business’s long-term success and sustainability.
With these seven tips, your business will be prepared to grow and tackle challenges ahead!
|Watch our webinar on Starting A Business in Canada|
Shikha Bhuchar (Co-founder, Arrive) will be joined by Sharon Connolly from BDC’s (Business Development Bank of Canada) Newcomer Entrepreneur Success team, along with Clarinda Andes from RBC’s Business Accounts team to guide you through the steps of starting a new business.
This webinar will cover a range of relevant topics. You’ll learn:
Arrive is powered by RBC Ventures Inc, a subsidiary of Royal Bank of Canada. In collaboration with RBC, Arrive is dedicated to helping newcomers achieve their life, career, and financial goals in Canada. An important part of establishing your financial life in Canada is finding the right partner to invest in your financial success. RBC is the largest bank in Canada* and here to be your partner in all of your financial needs. RBC supports Arrive, and with a 150-year commitment to newcomer success in Canada, RBC goes the extra mile in support and funding to ensure that the Arrive newcomer platform is FREE to all. Working with RBC, Arrive can help you get your financial life in Canada started – right now. Learn about your banking options in Canada and be prepared. Click here to book an appointment with an advisor.
* Based on market capitalization
This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.