Creating a business plan is a major milestone for any entrepreneur. It requires research, foresight, and careful thought. But finishing the plan is only the beginning. Many entrepreneurs mistakenly treat the business plan as the end goal, while in reality, it’s a roadmap that guides the next steps toward building a successful venture.
If you’re wondering what must an entrepreneur do after creating a business plan, this guide will walk you through seven essential actions that turn your strategy into results.
Review and Refine Your Business Plan
A business plan is not a static document. Markets change, customer behaviors shift, and new competitors emerge. That’s why reviewing and refining your plan is the first critical step. After drafting your plan, step back and evaluate it objectively. Ask yourself: Are your goals realistic? Are your projections achievable? Do your strategies align with current market conditions?
Even a well-thought-out plan may need tweaks. For example, a small business that initially aimed to sell exclusively online may discover that a physical presence is also vital. Adjusting your plan early can save time, money, and unnecessary risks later.
Pro tip: Seek feedback from mentors, industry experts, or peers. Fresh perspectives often highlight gaps or opportunities that you might have missed.
Set Clear Short-Term and Long-Term Goals
Once your plan is refined, the next step is setting clear goals. Entrepreneurs need both short-term and long-term objectives to maintain focus and measure progress. Short-term goals can include launching a website, hiring initial staff, or securing your first customer. Long-term goals often involve market expansion, scaling operations, or reaching a revenue target.
To make goals actionable, use the SMART framework: Specific, Measurable, Achievable, Relevant, and Time-bound. For instance, instead of “increase sales,” a SMART goal would be “achieve $10,000 in monthly sales within six months by targeting local businesses.”
Goal setting helps translate your plan into daily actions. It creates clarity, aligns your team, and provides a roadmap for tracking growth and success.
Identify and Secure Resources
A business plan alone cannot make your venture successful. You need resources to turn strategy into reality. These resources include funding, human capital, technology, and sometimes physical infrastructure.
Funding can come from various sources such as personal savings, investors, loans, or grants. Evaluate which option aligns with your business needs and risk tolerance. For example, equity investors may provide capital but also expect ownership stakes, whereas loans offer more control but require timely repayment.
Human resources are equally important. Hiring the right team, finding skilled contractors, or partnering with experienced professionals can accelerate execution. Identify the roles critical to your business’s growth and prioritize filling them.
Tip: Tools and technology can enhance efficiency. From project management software to accounting systems, using the right tools helps you scale without losing control.
Develop a Marketing and Sales Strategy
Even the best product or service will fail if customers don’t know about it. After creating a business plan, entrepreneurs must develop a marketing and sales strategy that reaches their target audience effectively.
Start by defining your ideal customer. Who are they? What problems do they face? Where do they spend time online or offline? Once you understand your audience, craft messages and campaigns that resonate with them. This could include social media marketing, email campaigns, content marketing, or networking events.
Sales strategies should also align with your marketing efforts. Consider how to generate leads, convert prospects into paying customers, and retain them for the long term. Testing strategies with a small audience before scaling ensures resources are used efficiently.
Create a Timeline and Action Plan
A clear timeline is essential to move from planning to execution. Without deadlines and milestones, tasks can drag indefinitely, and momentum is lost. Break your plan into weekly, monthly, and quarterly goals. For instance, your first month might focus on setting up operations, month two on marketing, and month three on initial sales.
Track progress regularly. Tools like Gantt charts or project management platforms can help visualize timelines and dependencies. By setting deadlines, you create accountability for yourself and your team, ensuring the plan remains an active tool rather than a document gathering dust.
Prepare for Risks and Contingencies
No business journey is without obstacles. After creating a business plan, entrepreneurs must anticipate risks and prepare contingency plans. These could include financial shortfalls, operational delays, or unexpected market changes.
Consider building a financial buffer to cover at least three to six months of operating expenses. Identify key areas where things might go wrong and outline alternative strategies. For example, if a supplier fails to deliver, having backup suppliers or alternative materials ensures continuity.
Flexibility is a hallmark of successful entrepreneurship. Being prepared doesn’t eliminate challenges, but it allows you to respond quickly and avoid major setbacks.
Start Taking Action and Monitor Progress
The final and most crucial step is execution. A business plan only creates value when acted upon. Start small but take consistent steps every day to implement your strategies. Launch your product, engage with customers, and refine your operations based on feedback.
Monitoring progress is key. Track key performance indicators (KPIs) to measure growth, efficiency, and customer satisfaction. Regularly reviewing metrics allows you to adjust your strategies, improve weak areas, and capitalize on successful initiatives.
Remember, execution is iterative. Expect learning curves, and be prepared to adjust your plan as your business evolves. Entrepreneurs who act decisively while remaining adaptable are the ones who achieve sustainable success.
Conclusion
So, what must an entrepreneur do after creating a business plan? The answer lies in action, adaptability, and focus. Review and refine your plan, set clear goals, secure necessary resources, develop marketing and sales strategies, create a timeline, prepare for risks, and most importantly, start executing while monitoring progress.
A business plan is just the starting point. Following these seven steps transforms your ideas into reality and gives your venture a structured path toward growth. Success is rarely instantaneous, but entrepreneurs who act decisively and thoughtfully after planning are far more likely to achieve lasting results.
FAQs
1. How soon should I act after finishing my business plan?
Immediately. The sooner you begin implementing strategies, the faster you can test, learn, and improve. Delays reduce momentum.
2. Can I change my business plan once I start execution?
Yes. A business plan is a flexible roadmap. Adjust strategies based on market feedback and business performance.
3. What if I don’t have enough funding after creating a plan?
Explore alternative funding sources such as angel investors, small business loans, crowdfunding, or strategic partnerships. Start small and scale gradually.
4. How do I track my progress effectively?
Use key performance indicators (KPIs) relevant to your goals. Regularly review metrics, assess results, and make adjustments where necessary.
5. Is a business plan necessary for every startup?
While not mandatory, a well-structured business plan helps clarify vision, strategy, and resource needs, improving the chances of success.
