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Small Business
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The Top 7 Reasons to Write a Business Planby Susan Martin Lots of business owners skip a crucial step to ensure the success of their companies – writing a business plan. This detailed overview of your company and its future is commonly overlooked - often because it’s a lot of work. However, it’s some of the most valuable work you can do when starting up a business, which is why everyone from banks to venture capital companies require detailed business plans before they will even consider your business. The process of creating the plan and thinking things through has helped many business owners learn what it takes to be successful. Too often, business owners as so busy working “in” their business that they overlook the necessity to work “on the business”. A business plan helps you do this. How can you improve the odds of success? Planning! And the way to start planning is by creating a business plan, and continuing to pull it out, look at it and tweak it as your business grows. So, even if you don’t need to raise capital or borrow money, a plan can help your business significantly. Some questions that a well-designed plan will answer:
As you may have realized, In order to create this detailed view of the future, you’ll have to make a lot of projections, assumptions and predictions about what will happen. The more research you do, the easier it will be to make educated ones. And, the longer you’re in business the better you’ll become at forecasting the future. What are the top 7 reasons to write your business plan?
So if you’ve been putting off working on your business plan, please reconsider – it may be more helpful than you realize. © 2001-2004, Susan Martin, Business Sanity. All rights reserved. No duplication without written authorization. Susan Martin is owner of Business Sanity. Visit Susan on the web at www.business-sanity.com to learn more about her Business Sanity program or contact her at: susan@business-sanity.com.
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