Creating Personal Business Plans

There are so many elements within a business that are critical to the growth of the company, and to the growth of the people within it. Creating personal business plans can be an effective way to manage these different elements.

Three steps to creating a plan are:

1. Explain what the Personal Business Plan involves to help your team members realise the full benefits of preparing one.

2. Meet with each team member and create a plan.

3. Monitor the plan every 1–3 months.

The 4 key areas of a personal business plan are:

1. What contribution the team member will make to the business’s success, eg. sales targets; creating value for clients.

2. What they plan to learn during the year, what skill sets they plan to acquire, and how they plan to achieve that.

They’ll also need to define what metrics they’ll use to demonstrate they’ve accomplished their objectives.

3. If applicable, who they plan to mentor and coach during the year. That is, what do they want to put back into the business in terms of developing other team members?

4. Any other function or objective they might have that contributes to the growth and development of your business. This might include product and systems development, sales and marketing as well as other functional responsibilities.