The truth is, every business needs a business plan. It’s really that simple. While it’s a lot of work, and it sounds boring, there is so much incredible information in a business plan that can come in handy down the road. Especially in today’s world of multi-passionate entrepreneurs, it’s hard to zone in on your business niche if you have no direction. That’d be like planning a trip without google maps and no knowledge of how to get to your destination. Your business plan is the “google maps” of your business. Not only is it an excellent way to stay on track with goals, policies and financial planning, it’s also a great way to see if a business is likely to succeed without losing the additional time, money and opportunity costs associated with owning a business.
Your business plan should be written as though the person reading it is considering investing in your business but knows nothing about it and you have one shot to prove their investment is going to the right place. This is not the time for cookie-cutter solutions and generic bits of information. Each business plan should be custom to the business and individual(s) running it. It should also change as necessary. If you are adamant about changing your business model, you need to change your business plan first to see if it’s feasible.
While I never suggest a basic business plan as it’s not in the best interest of anyone involved, it is a start! At the very basic level, a business plan should include goals, market analysis, review of competition and a contingency plan which clearly states what happens when it’s time to exit the business. Also, if in a partnership the business plan can act as a form of protection and set the expectation of what each partner will contribute and continue to support within the business structure.
I want to know your questions about business plans! Are you a business owner without a business plan? If so, Why not write one? Connect with me using the #AmandaMarieBiz