Tech Like LivePlan Makes Business Plans a Living Document
Do you know where your business plan is right now?
Maybe it’s printed out and kept in a binder in your restaurant office. Maybe it’s a collection of disorganized spreadsheets and Word documents in a folder on the Back of House computer desktop. Worst of all, it might not be formally documented!
However you keep it, it’s likely that your business plan may be gathering dust.
It was probably relevant when you wrote it. It likely laid out your mission, your vision, your goals, especially the ones around turning a profit.
Hopefully, it talked lenders and partners alike into trusting you with capital. But what has it done for you or your restaurant lately? How often are you actually turning back to it, reexamining it, and updating it to be relevant to your business today?
Regardless of what your restaurant concept is – from fine dining all the way to the more casual setting like bars, coffee shops, food trucks, and more – a sound business plan is essential to long-term success.
Why You Need a Business Plan
Most restaurant owners let their business plans sit on the shelf up until the moment a desperate and pressing need arises. Unfortunately, that plan will do nothing for you if it isn’t a living document.
Having the right technology to the house and update your business plan is critical in an industry as fast-paced as the restaurant space.
The LivePlan Platform
The next logical step is to bring your business plan into the cloud, and that’s exactly what LivePlan has done. The platform puts all the pieces of a successful business plan at your fingertips, from fill-in-the-blank plan building to complex financial projections and dashboards.
It even integrates with QuickBooks Online to provide up-to-date data. Though LivePlan is not the only player in the space, they have quickly become the gold standard for live, cloud-based business plans.
How To Write The Perfect Plan
Through a simple, step-by-step process, you can easily establish your business plan. You’ll need to start by filling in the key details of a business plan by asking targeted questions tailored for the exact business type.
For restaurants, this means a focus on the critical points that make your restaurant unique and using it to your advantage. The workflow starts with vision and concept, then proceeds through the target market, competitive advantage, and sales forecasting.
Though you probably already have an idea about what goes into these categories, specific questions will refine your approach and give you a clear understanding of what your restaurant will do to succeed.
Do some research and check out what other businesses are doing! Find out what works and replicate it in your own way.
Tying It All Together
With an adaptive, live business plan, you can be prepared for whatever the restaurant industry throws at you.
Your original plan might reflect build-out cost overruns, but how does it change once you know the real numbers? What happens if you’re twice as popular when you open; can you afford to hire another server? With a live business plan, you don’t have to guess.
You’ll have clear answers to all the questions that lenders or prospective partners may throw at you. You’ll no longer have to wonder what your demographic is, your target customer, or how many tables you expect to serve at lunch on a Thursday.
Having a sound and relevant business plan allows you to focus on what you do best: serving great food and building an atmosphere that brings people back.
So, how do you make that happen? Give Arrow Cloud Bookkeeping a call and we’ll work with you to get your restaurant costs on track!
Meta Description: How would a cloud business plan like LivePlan benefit your restaurant?