Your Business Plan is Your Roadmap to Success

Your Business Plan is Your Roadmap to Success

Your business plan is your roadmap to future success. It often starts with an idea on the back of a napkin that grows to include detailed information about your industry, management team and financial plan. Good Ideas are a Dime a Dozen We all have good ideas, but how many of us translate our ideas into reality? Those who do generally create a plan to put their ideas into action. While only a small subset of businesses needs a formal plan to secure a bank loan or investor financing, every business can benefit from the planning process. The true value of a creating a plan is not the final document, but the process of researching your industry, looking at your ideas critically and thinking through your business in a systematic way. Who Needs A Business Plan? The short answer is almost everyone in business. If you’re freelancing to supplement your income, you don’t need a plan. If you’re embarking a new endeavor that’s likely to consume a significant amount of time and resources, you need a plan. If you’re already in business and facing new market conditions and opportunities, you need a plan. For an existing business, a robust planning process can be a competitive advantage that drives greater innovation and growth. Businesses with plans grow 30% faster than those that take a “seat of the pants” approach. What Kind of Business Plan is Right for My Business? The answer depends on your audience and goals. Plans can differ greatly in length, detail and presentation. ♦ One-Page Plan You may start with a one-page business plan, which is exactly what...