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Business plans are essential to get you where you want to be. A clearly articulated business plan documents the vision of where you would like your business to be in five to 10 years.
It shows how you plan to get from where you are today to where you want to be, and how you will know when you actually get there. It enables you to document each stage of growth, make periodic assessments of each area of your business, and make a smooth transition at each stage of growth.
A business plan is never static. A regularly reviewed plan will more than pay for itself in strategic and tactical clarity as your company grows. This is true for any business, no matter what industry, size, or stage in the business cycle.
It could be argued that the plan itself is not as important as the processes involved in putting the plan on paper. The plan itself is testament to the fact that you have done the hard yards—thought through all aspects of the business and identified your strengths and weakness, opportunities and threats.
Bill Hovey, CEO of the Linchpin Group, explains that a comprehensive business plan should have a clear statement of the strategic intent, supported by the mission, values, and vision of the business.
It involves having a strategy and a tactical plan. Many small and medium businesses fail to appreciate the difference between strategy and tactics. Worse, strategy will often exist only in the mind of the owner and is rarely articulated and shared with others in the business. They provide the guidelines for growth, how you are looking at future performance gaps and how you are going to overcome them.
So when speaking of tactical plans, you are basically speaking of present performance gaps and how you are addressing them. Successful business plans which are regularly reviewed will also continuously challenge existing assumptions and show clear links to operational processes within a business.
It also must communicate the essential characteristics of your business so that interested parties can see why it is likely to be successful. Agree to the process. Prepare a structure for your plan and decide on the team needed to complete the plan.
Set the key goals for your business and agree on the process to be adopted and the timetable to complete the plan. Make sure you understand your industry and your particular segment of the industry. What are the recognised critical success factors and key result areas?
Identify the specific issues facing your business in terms of your history and in terms of best practice. Collect information and gather data. Undertake market research on your industry and competitors.
Gather historical information about your own organisation. Uncover the issues facing your products or services. Research the trends and developments in your industry.
The intention is to build on your strengths, reduce your weaknesses, manage your threats, and maximise your opportunities.Posted in Entrepreneur Interviews | Tagged Alan E. Brainerd Interiors, Allison Perry, Allison Perry is a student in Developing an Arts Venture Plan, are business plans necessary?, arts entrepreneurship, Arts Entrepreneurship at Meadows School of the Arts, entrepreneurship in the arts, SMU, student in Developing an Arts Venture Plan | Leave a.
Book 1: Developing a Business Plan shows you how to develop an initial business plan that contains just enough information to get started. It helps you define your concept clearly and concisely, build an effective elevator pitch, communicate your product and company positioning, and .
A business plan can help you to define and classify the goals you have for your business. Devoid of fluff, a business plan is a business document that is written for a variety of audiences.
You might send your business plan to investors or it might be written for the benefit of your employees. Spartan Innovations has developed a workshop series to help entrepreneurs follow the road to success.
Learn how to create a business plan - you will need this . An entrepreneur trying to start their own business needs to have a business plan. The business plan is a guide helps business owners stay focused on their goals and serves as a tool to lure investors and lending institutions to finance the business.
The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. We support America's small businesses. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business.