Step 1) Have a VISION for your Small Business. What exactly do you want to do? What is the specific niche or demographic do you want to go after? The vision should be focused, clear, concise, and very specific. Without a clear vision for your small business, you’ll be shooting hither and thither. You need to spend a good deal of time and deep thought creating a clear vision for your small business. Large businesses–and if you become a large business–have the luxury of marketing themselves to many demographics. Think of how many demographics Coca Cola markets to. You, on the other hand, as a small business owner, need to go after one or two very specific niches in order to be successful. That brings us to step 2.

Step 2) Create MONTHLY FINANCIAL OBJECTIVES. How much money do you need to make in January? in February? In all subsequent months of the year in order to make your investment worth your while? These need to be realistic financial objectives based upon marketing objectives. Have a goal with each marketing strategy you undertake and track your goals to see if they come to fruition. If not, modify the means of achieving the goals. Don’t be a pie-in-the-sky dreamer who thinks that their 15 flyers in local grocery stores is going to bring in $10,000 in revenue in the month of December for example. Entrepreneurialism is for realists–not idealists. That brings us to step 3.

Step 3) Detail your MONTHLY EXPENSES. What will your expenses be in January? in February? in all subsequent months of the year? These expenses needs to be as detailed and as accurate as possible. Set up different categories and subcategories for each expense. That brings us to step 4.

Step 4) Be ACCOUNTABLE to your business plan for the whole year, especially to your monthly and yearly revenue as well as your expenses. Modifying your marketing strategy is understandable if it’s not hitting your goals after 3 months; however, your yearly financial goals need to remain consistent. We’re in small business to provide a good service and make a good living so, by all means, don’t sacrifice one for the other.

I’m a professional business book how to writer. I meet with a lot of professionals in different industries to research and write the how to books. One thing remains the same: all owners advise writing and keeping to business plans. Business plans keep you grounded and accountable, enough said.

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