Some people think that they do not need a business plan for a small business. But let me make it clear that the size of the business doesn't matter. Whether small or big, you need a plan. If you need a plan as an individual and for your family, then why not have a plan for your small business? Like for individuals and families, you need to plan for your online small business. A business plan shows you what you would like to achieve and how to achieve it. Although not all plans are written down, a good business plan should be written down. If you have it in your head, it's high time you spent some time to write it down for better results.
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.