Businesses need to adapt to survive

A: When the economy takes a downturn it's tough on everyone. Developing a successful business plan is about recognising the things you cannot change and being flexible enough to succeed all the same.

Effective solution to an outstanding problem

Your business should exist to provide an effective solution to an outstanding problem. Earlier writing any plan you need to ask yourself first and foremost, "What need am I filling and how am I adding real value?"

Identify where your business is within its life cycle. Decide whether you need to innovate in order to grow, adjust to stay relevant or step up in order to meet an ever-increasing demand.

What you want to be doing in five years

Think about what you want to be doing in five years and how you will get there. Do you want to in the end sell your business and if so what is your exit plan?

Understand your environment. What are the internal factors in your business? These are the things you can change, just as the marketing channels, pricing and the skills of your team.

Government policy, the state of the economy, investor behaviour and major cultural shifts are all dynamic issues that should influence your business strategy.

A: Darwinism is alive and so then: "Only those that adapt to the changing environment will survive". The current economic climate has just reset the normal bar. In this new environment it is not good enough to just be good at your craft, you as well need to excel at the business of business.

Taking advantage of new research and methods where appropriate to take cost out of your business - cloud computing is a classic example.