It is understandable that many business owners and prospective business owners hesitate, or outright refuse, to prepare a business plan. The business plan is a detailed map to your business. But the emphasis is on “detail”, and that is why so many people shy away from this tedious task.
But the business plan is a most important tool, and it is often the key to your success. It isn’t that the plan by itself will make you successful. But because it forces you to look at every aspect of your business, it really makes you focus on all the components that make a business flourish.
If you are in the planning stages of your business, the plan will help you to consider all the costs involved in the start-up phase of your business. This way there will be few surprises, and you are more likely to stay within your budget.
Because the business plan will include a market analysis, you will be more likely to treat your business as a money making enterprise, rather than a hobby, or something that “sound like it will be a lot of fun”. There is nothing wrong with having fun; in fact, I recommend it. But if you are not making any money, or if you are running into many unforeseen problems, believe me, the fun will go out of your life faster than you can say, well, “fun”.
When it comes to preparing your business plan, you are not alone. There is plenty of help available. Your local office of the Small Business Administration has classes that can help with this task, or your can go to the website www.sba.gov. There are also several businesses that sell business plan templates, and these can be very helpful.
For established business the task is no less important. Perhaps you have been running a successful business for several years; well, the plan will help you to analyze it in detail to see if you want take it in a different direction. Also, you will see how money is being spent, and you can make adjustments and cut costs. You can look take a close look at your market and see if it is feasible to seek a different type of client, or offer new products.
Don’t shy away from preparing a business plan. It is a very empowering tool. Use it wisely.
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2 comments:
The Small Business Administration web site, at sba.gov, has a wealth of information about starting a business, about programs for women business owners, and all sorts of other topics. They also have help and information about franchises. That is the best place to get information. Good luck,
Maria Eugenia
Best of luck, and let me know how it goes.
Regards,
Maria
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