Sometimes in these days of twittering and instant messaging, it is tempting to question whether business plans are obsolete. The answer is a resounding no. Without a business plan, your ideas, financial planning and basic strategy almost certainly will be vague in parts - and any business pitch you make will lack the strong foundation needed to attract serious attention from prospective investors, business partners and others whose support is required.
Let's consider some planning fundamentals and determine what a plan will do for you and for your business.
A road map
A good business plan is your road map. It establishes your starting point, the things you must do before hitting the highway, the reason for the trip, the steps and the best direction you need to take, an estimated time of arrival and so on. In this way, a basic plan will generally require that you have researched the following prior to starting out:
A good plan is articulate, concise and to-the-point. Developing the plan is a means to an end, not a project that requires months of drafting, revising and editing. However, it is vital that a business plan shows you know your targeted market well, that your financial planning is good and that your strategy includes measurable goals.
Dos and Don'ts
Bottom line: though the pace of business has accelerated and change is constant, entrepreneurs still need to develop a basic business plan before charging ahead. The effort and dollars required to draft a plan are a good investment and a major factor in business success.
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