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Business Plans and SOPs- What’s the Difference

We have to remember so many things as a business owners, it’s no wonder some of them take the back burner. However, you’re going to want to bring this one front and center!

Some of you may have a business plan already, but if you don’t, don’t fret! We’ll be giving overviews, so you can do this yourself. 

While we do help with your business plan here at The Lazy Millennial, I suggest starting with a Free template from a website like SBA to get started. This way, if you do decide to hire a professional to help you with this (sidenote, the pricing can start around $5000) you’ll already have ideas in place.

Back to the topic at hand… what is a business plan?

A business plan sums up how you plan your business to work and how you plan to take it there.

Some things you can find in a business plan

– Summary of who you are

– Overview of your business

– Main services/products offered

– Major Achievements

– Team info

– Financial plan

Even if you are just starting out and have no clue on how to fill, this is an amazing start. And if you’ve been following The Lazy Millennial online, then you know how much we drill SOPs into your mind.

Now, if you’re finding this blog randomly and have no clue what we’re discussing, let’s cover what SOPs are briefly.

SOPs- Standard Operating Procedures, are simply the documented step-by-step way you run your business. There’s a more technical definition, but we like to keep things as simple as possible here because we want EVERYONE to understand and implement what we write and teach.

In 2021, the Owner, Adriana, started teaching her methods publicly on how she breaks down SOPs for entrepreneurs and business owners to implement easier. One of the methods was the difference between “Personal” Business SOPs and “Team” SOPs.

Personal SOPs were moreso the information you kept in your Business Plan and additional information that isn’t necessary for most of your team to know. Things like your branding colors, your personal goals for your business, etc.

The team side focused on “duplicating” what you do in your business. This is where employee handbooks, video recordings, etc is done.

We’ll dive into that throughout this entire blog, but now we want to focus on Personal SOPs.

Your “Personal” SOPs host the information listed above and more. Some things you can include in yours are:

– Marketing Details

– Team Management & Onboarding information

– Complete breakdown of “what worked and what didn’t” (KPIs- stay tuned for this in another newsletter!)

And anything else you deem necessary.

Because your SOPs grow with you, you have to keep your information updated. It’s good to keep everything in one place so it forces you to see it and make the necessary adjustments.

All in all, your Business plan falls into your SOPs. But moreso your personal side. This means not everyone will have access and you use this information to make the main SOPs for your team.

There’s a lot more to talk about, but stay tuned! Have any questions or remarks, leave a comment below!

Keep in Touch with TLM!

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