However, despite constant efforts to postpone the realities of post-college life, goal setting can be incredibly beneficial in making life after college a little less scary. Why do you need a five-year plan? Although some may see goal setting as monotonous, creating a five-year plan is actually a lot easier than you would think.
Share on Facebook According to business-planning authority Tim Berry, founder and chairman of Palo Alto Software, the purpose of business plans is planning.
Instead of keeping business plans out of sight when they are not being shown to investors, company owners should use them as they are intended -- as management tools for planning. When important outsiders want to read the business plan, management can modify it to accommodate them.
A venture capital firm wanting its commitment to the company to be limited to five years, for example, would want the financial projections and the marketing strategy in the plan to cover at least five years.
Step 1 Write the company description. This section should tell the story of how the business came to be. Tell what the company does, give its location and describe the staff. Photographs of the building or the interior work areas are appropriate for this section.
Tell the reader what the product or service is and how it differs from -- and is superior to -- others on the market. Step 3 Write the marketing section, including your analysis of the industry, your market and your competitors. Describe your sales strategy, your pricing policy and how you will advertise and promote your product.
Give a thorough assessment of the market potential for your product for the next five years. Step 4 Organize the management section. Include biographical summaries for each member of the management team plus key employees.
If appropriate, include information about professional support -- attorneys, accountants and consultants. Step 5 Complete the financial section.
If the company has been operating, include its last three years of financial statements, which should have been audited or at least prepared by a firm of certified public accountants.
Financial statements consist of a balance sheet, an income statement and a cash flow statement. Give monthly figures for the first year and annual amounts for the next four years.
If the historical statements and tax returns are too bulky, include them in an appendix. Step 6 Write the executive summary. Write it last, but place it first in the plan. It is best to write this section last to ensure that it includes the strongest and best points about the company.
The executive summary should include the most compelling points about the business. It gives the all-important first impression. If a venture capital firm is reviewing the plan, the first step is for a reviewer to read the executive summary and look over the financial projections.
If it does not immediately impress the reviewer, it goes no further. Step 7 Assemble documents in the appendix.A five-year business plan can be written for a number of purposes. A general plan looks at the entire business holistically and projects it into the future, while a more targeted plan might be used by individual departments to develop strategies.
A five year career development plan is often the ideal time frame to begin with for career development plans as it is a comfortable balance between being not too far out, yet far enough to allow time to accomplish reasonably ambitious career development plans. A five-year plan can be described as a map, or timeline of your life from now to five years from now, including personal goals and dreams you wish to achieve.
The best part is, it’s completely controlled and based off of what you want, and what you desire. Break your five-year career plan into smaller, more manageable goals.
While you may want a complete career overhaul in five years, you must begin to act now in order to achieve what you want in your career.
Part of our 5 yr plan is to fully fund our emergency fund and to buy our first house % down 🙂 We’ve only talked about our 5 yr plan. It would be awesome to write it out so we can be reminded of our goals. I wrote a five year plan (and you can, too) by Tsh Oxenreider.
Reading Time: I sat down and scribbled out a Five Year Plan for our family. and I’m going to write my own 5 year plan, because I’m generally terrible at planning for the future.
Thanks! Ryan Sandoval on May 3, at am How did it work out? Five-year plan.