 Do
I Need A Business Plan?
Many small
business owners feel that they can keep track of everything
without the need to write it down. A written plan, after all, is
really just the embodiment of the internal planning that every
business owner does anyway. However, the structure a written
plan provides makes it more likely that you will consider all
relevant factors and that nothing important slips through the
cracks.
What justifies the additional
time and energy you'll spend creating a written plan that
presents a blueprint of your business idea? An increased chance
for success. More specifically, a plan can be:
- a
reality check
when you first examine the feasibility of your business
idea, which forces you to consider all relevant factors
- your
business's
resume,
which will be vital in dealing with lenders and outside
investors, and an important tool in negotiating with vendors
and attracting employees
- a
timetable
for operations,
helping you to coordinate all the diverse activities that go
into running your own business
- a
modeling
tool
that helps you evaluate the variable factors that affect
your business, so you can better prepare to deal with
situations that may arise as conditions change
- a
vehicle for tracking
the progress
of your business
- a
blueprint
against which you can adjust operations in order to achieve
your goals
- a
starting point for future
planning
Next
- Before You Plan |
