Write your goals clearly in your business plan. Not only will these goals drive the direction of your business, they serve as a roadmap and ensure you don’t lose sight of your original focus.

The marketing plan outlines how you will create and retain customers for a profit, and is an integral part of your business plan. It includes a market analysis, business objectives, strategies to achieving those objectives, budget, timing, etc.

There are risks in every business, such as others copying your product/service, natural disasters affecting your supplies and having to close the business. Although it is impossible to pre-empt every problem, work out how you can react quickly and positively based on factual information.

Look beyond your first year in business and carry out some long-term planning to put your short-term plans in perspective. Focus on broad strategies and directions by asking yourself questions like “Where would I like the business to be in 3 years? 5 years?” and “What do I want to be doing by then?”

Succession planning determines the best way for you to exit your business while ensuring the business continues. It outlines who will take leadership/ownership and how you plan to do it while maximising the value of your business.