One of the things that amazes me the most when I meet new is that they don’t have a strategic business plan. These “entrepreneurs” I classify them as follows:
• They will work on a start-up and at the same time on their regular job to help funding their start up.
• They have decided to turn their hobby into a business. The idea being that it does not require a lot of capital since they have been “operating” their hobby for a while.
• They fall under the category of “professional” who decides to branch on their own, for instance an attorney.
Generally, the main theme appears to be the same, that they will own the company by themselves, they don’t need a small business loan, and erroneously conclude that there is no need for a business plan.
Business plans are more than a tool to raise money for your business. In fact, in the instant one makes the choice to start a business, the next step must be the development of the business plan. Continue reading and I will tell you why.
Business plans are like a map and a compass. They will show you where you have been and where you are heading. It will answer the what, how, where and when of your newly developed business idea. The business plan will materialize your business idea and give it form. It will define the mission and vision statement; it will define your goals and objectives. Often times business plans will help figure out how your business is likely to deal with competitors, your marketing strategy, cash flows, competitive market analysis, sales forecast and much more.
I can assure you that once you invest in the development of your business plan that you simply will discover something totally new about your small business. Sometimes it comes in the form of a strategy, a product or service, or marketing idea. It is truly a path of discovery. It is an investment that all serious entrepreneurs need to do, regardless of their current stage in the life of their business.
Take a moment today to invest in the future of your business. With the long Memorial Day weekend ahead it is a good time to pull your chair, computer and your favorite cup of java and start going through that will transform your company.
I have prepared a free ebook How to Develop the Successful Business Plan, inside this free ebook you will find the powerful outline for your business plan that will get your banker or investor to read it. This is the key to the success of your business plan, if your banker or investor does not go beyond the first two or three pages you are doomed!
This ebook will become a great reference tool for you, it will show how to enhance the financial plan section to support investment request and be aligned with the rest of your business plan, tips on market and competition analysis and much more.