Five Year Business Plans and Developing a Vision Statement

Every company should have a plan in place to track progress and work towards future growth. A five year business plan helps to give businesses a road map for the future as well as a means of measuring progress.

The first step in creating a good five year business plan is to develop a vision statement. What is the vision for the business, or rather, where do you see your business over the next five years?

What about the structure of your company? If you are currently a sole proprietorship, do you see the structure of your company changing to an LLC or corporation? What are your revenue goals? Do you have expansion goals? These are the types of things you’ll consider when developing your vision statement.

Your vision statement is the beginning of your five year business plan. It is what you will base the rest of your planning on. With certain objectives in mind you can begin to work on the strategies you will use to reach your vision of the future. Once you know where you want to go you can begin to work on the details of how you are going to get there. Ideally, your five year plan will set specific benchmarks to track your progress. You’ll be able to see your vision statement come to life over the next five years!