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Will You Add? - Five Reasons to Write a Business Plan
Let's start with the good news. You've no doubt heard the statistics: that 9 out of 10 new businesses fail. Well, it turns out that census data show that about 65% of new businesses were still in operation after 4 years. As we dig a little bit deeper, though, the news is more sobering for solo entrepreneurs: Successful businesses tended to be employer firms rather than solo enterprises. And several studies don't even take into account sole proprietorships. A look at the factors contributing to success or failure in these studies, though, can still offer valuable lessons to those determined to succeed.Here are a few do's and don'ts:
Financing
Normally, this is the first (and sometimes only) reason business executives think to draft a business plan; often times because they are need of emergency financing. But some businesses such as independent practitioners (i.e., accountants, attorneys, consultants, etc.) may never have reason for significant infusions
One of the few complaints I hear from small business owners when it comes to generating business or leads by way of referral is that too many of the referrals they are offered aren't a fit for the business. The referrals are either unqualified, don't need the firm's offerings, can't afford the product or just don't fit the typical profile of an ideal client for the receiving firm.If this is your referral reality, then you know that chasing leads that don't fit your target client can be a grand waste of everyone's time and energy. The primary reason for this affliction though is that most small business owners and independent professionals don'
- 85% of all businesses that neglect to plan their business will fail.
- Interestingly enough, of those that take the time to write a business plan, 85% will succeed.
- Additionally, 40% of businesses with a strategic plan will double their business within 2 years of writing their plan.
- And with that plan, greater than 70% will exceed their expectations within 5 years.
How can you avoid the well-traveled path of those doomed before you? Here are five (5) reasons for you to tackle this time-consuming, but vitally important strategic planning tool:
Financing
Normally, this is the first (and sometimes only) reason business executives think to draft a business plan; often times because they are need of emergency financing. But some businesses such as independent practitioners (i.e., accountants, attorneys, consultants, etc.) may never have reason for significant infusions
I love asking “What If”. It is the biggest door opening question ever conceived. Yesterday, whilst I was at a Toastmaster’s meeting, I had a one of those “flashes of brilliance.”It started with me thinking that a lot of people may be feeling that they have been “sentenced” to spend their life in Customer Service. And I started thinking “How very sad for them” that they don’t see the real potential there is for a lifelong career and how rewarding that really is.Now, some of you that know me would say that there were several times in my life that I did not see it that way at all. Yep, it happened to me too. I lost my objectivity.
- 85% of all businesses that neglect to plan their business will fail.
- Interestingly enough, of those that take the time to write a business plan, 85% will succeed.
- Additionally, 40% of businesses with a strategic plan will double their business within 2 years of writing their plan.
- And with that plan, greater than 70% will exceed their expectations within 5 years.
How can you avoid the well-traveled path of those doomed before you? Here are five (5) reasons for you to tackle this time-consuming, but vitally important strategic planning tool:
Financing
Normally, this is the first (and sometimes only) reason business executives think to draft a business plan; often times because they are need of emergency financing. But some businesses such as independent practitioners (i.e., accountants, attorneys, consultants, etc.) may never have reason for significant infusions
Getting promoted is most likely the best thing that can happen to you at your job (assuming it's accompanied by a raise). If you have a list of goals that you want to accomplish at your company, it is probably not only number one, but bolded, underlined, and highlighted. Taking this one step further, because it's such an important goal there is always somebody looking for a way to get ahead at any given moment. Obviously, not everybody is looking in the right direction, or we would all be working at the same position for the same pay. The question then becomes: How do I make myself stand out and put myself in a position to get p
How can you avoid the well-traveled path of those doomed before you? Here are five (5) reasons for you to tackle this time-consuming, but vitally important strategic planning tool:
Financing
Normally, this is the first (and sometimes only) reason business executives think to draft a business plan; often times because they are need of emergency financing. But some businesses such as independent practitioners (i.e., accountants, attorneys, consultants, etc.) may never have reason for significant infusions
Incorporating in Indiana is an easy process that can be done by hiring an experienced lawyer or a firm that specializes in helping people incorporates. People are no longer daunted by the complexity of the incorporation process, as they have realized the numerous advantages of incorporating and how it helps build credibility for their business.Process of Incorporating: - The kind of corporation to be formed has to be decided on and the necessary action to be taken for incorporating the venture. - The name of the corporation has to be selected with care. It should be original, not a duplicate of any other registered business, nor be i
How can you avoid the well-traveled path of those doomed before you? Here are five (5) reasons for you to tackle this time-consuming, but vitally important strategic planning tool:
Financing
Normally, this is the first (and sometimes only) reason business executives think to draft a business plan; often times because they are need of emergency financing. But some businesses such as independent practitioners (i.e., accountants, attorneys, consultants, etc.) may never have reason for significant infusions
Today is Thanksgiving and within a few hours people will be streaming into my house to enjoy their share of turkey and the trimmings and pumpkin pie.It’s my job to cook this feast, or should I say to re-cook it, because for the last several years I’ve purchased a packaged meal from a local market. They assemble the sides and pre-cook the bird, leaving only the heating-up and serving functions to me.Because I’m not that great in a kitchen, it’s a small challenge for me to get it all together and to present it on time, to guests.But this year was more daunting.Yesterday, I flew back from Brazil after delivering a new sales m
Financing
Normally, this is the first (and sometimes only) reason business executives think to draft a business plan; often times because they are need of emergency financing. But some businesses such as independent practitioners (i.e., accountants, attorneys, consultants, etc.) may never have reason for significant infusions of capital that would traditionally justify writing a business plan. However, other types of businesses including technology or manufacturing firms, and particularly start-up businesses, may need to establish credibility with financing sources by allow potential investors and/or lenders to understand the viability of their business. Yet that doesn't necessarily make the need for financing the most important reason to write a business plan.
Feasibility
The Small Business Administration reports that two-thirds of new employer businesses survive at least two years, and about half survive at least four years. That's a significant amount of time to invest in a venture only to discover its lack of feasibility. But an entrepreneur who takes the time to create a business plan can take an objective, critical look at their business and identify the strengths and weaknesses; and, potential risks and opportunities of the market and the venture, before they incur any costly, perhaps even disastrous, mistakes later.
Communication
Argruably the most valuable resource that any organization has is its people. And as a savvy business executive, you want the best and sharpest employees you can find to keep your company at the top of the heap or maximize your profitability. What better way to communicate your ideas to potential joint venture partners, management and/or
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