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Create A Capital Plan: Next, I would develop a capital plan identifying dollars to be spent on the business to increase its overall value. While all capital dollars may not entirely be discretionary _ i.e., investing dollars for anticipated return from growth _ it is necessary to determine how capital dollars will be allocated whether for discretionary purposes or general maintenance. Projects that require capital are critical for the company growth and must be managed to their desired return, avoiding shortfalls in ROI or issues involving "capital creep". If you haven't already, setting up a capital committee to review expenditures in advance of the start of the project provides some assurance that the projects have been vetted against return on investment. Lastly, developing a post_audit process enables the team to review and monitor the progress of ongoing investments.

I teach that you should seek to learn from competitors; obviously never copy another business's idea or what they are doing, but you can absolutely learn from their mistakes or see what they are doing and discover ways to improve it. All of that analysis belongs in your business plan: make sure you have your competitors under the microscope and make sure that is a solid chunk of your plan. That is some of the best research and information you will gather about what will make your business successful in future.

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