Really, what's your excuse?

Are business plans really needed when you are a small business owner; especially when you are not looking for funding, an investor or partner? The majority of small business owners don’t even have business plans. Why should they? Do you have a business plan? For every reason a business owner gives for not having a plan, there are two solid reasons why you should. But first, let’s quickly define what a business plan is in its most simplest terms. Although the format and outlines may vary, a business plan will generally cover the same components. Every business plan has the same basic elements: Who, what, when, why, how. The process and time it takes to answer these questions will always prove to be invaluable to all small business owners. Let’s look a few of the reasons for not having a business plan and a few why you should: Too much work. You don’t have the time or energy to research and put together a business plan. <ul> <li> Keep things simple. Start by performing a SWOT analysis. Even if you clearly identify your Strengths, Weaknesses, Opportunities and Threats; you’ll be in a better position than if you attempt to operate your business with no plan at all. </li> <li> For an in-depth analysis of your business, engage a business mentor or consultant. These third party individuals can bring a fresh set of eyes, expertise and experience to help you see what you may be too close to. </li> </ul> Too long and boring. Who has time to draft and flip through 30-50 pages? <ul> <li> Keep your plan limited to one to three pages. It need not be any longer than that. Keeping your plan to one-page forces you to think about what is most important and relevant. </li> <li> Why not put the essential information (SWOT, who, what, when, where, why, etc.) on one page? Better yet, as bulleted items for better reading. </li> <li> Grow your business organically. Create plan that provides you with energy and clarity. A good plan will show you how to get through today and next year. </li> </ul> It’s not useful. It is a document that pretty much sits in a file cabinet or stashed in a box in a closet. <ul> <li> Having your plan allows you to gauge new ideas and opportunities against it. Do they align with your mission and objectives? Use it to maintain your business consistency and stay focused. It keeps you energized because you know what you need to be working on and spend less time feeling unproductive. </li> <li> Keep it visible and accessible. By keeping your plan visible and accessible, it is a constant reminder of your purpose, what you should be working on and what direction you should be moving in. </li> <li> Flexibility. Do enough planning to understand how, where, when, what, etc. is needed to move forward in an efficient sequence with room to quickly revise as necessary. It is much more effective and efficient to update 1 to 3 pages as opposed to 30-50 pages.</li> </ul> There are two types of business plans. One that is written for banks or investors; and the plan that you create for yourself and for the growth and direction of your business. Without your plan, how do you know where to focus your time, energy and resources? How do you measure progress? Let’s be clear, thinking a business plan is an enormous document intended for obtaining funding only, is the problem. Business planning is not. Plan your business accordingly.   2009-09-21T17:36:46Z

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really-whats-your-excuse

2009-09-24T12:54:31Z

2009-09-24T19:54:48Z

Are business plans really needed when you are a small business owner; especially when you are not looking for funding, an investor or partner? The majority of small business owners don’t even have business plans.