In an ideal world, every business begins with a Business Plan.
Imagine you’re all packed to drive from Los Angeles to Miami. Having a Business Plan is very much like bringing along your road atlas when you set out on a cross-country trip.
On the other hand, maybe you’ve driven to Phoenix a few times before. You have a pretty good idea how to get from there to El Paso. After that, it’s a little vague.
So you load your luggage and remind everyone to buckle up, and you get onto the highway. There’s a lot to do along the way. You have fill up with gas. You check your tires. There are meal stops, and bathroom breaks.
Getting to Phoenix is a breeze. As you continue east, the desert and the mountains are magnificent. El Paso is right where you thought it would be.
You’re doing fine. But eventually you’ll realize, you really need that atlas.
An entrepreneurial idea often grows from recognition of an opportunity, and most entrepreneurs are more action-oriented than they are organized. They simply get an idea and figure out how to put it into practice. Consequently, in the real world, many businesses start off without any kind of Business Plan
That’s great, as far as it goes. But eventually you realize…
A Business Plan is a roadmap for your business. It helps you, and anyone with whom you share it, know where you’ve been, where you are now, and most importantly, where you are headed.
One of the best things about a Business Plan is that you write it yourself. You may get good input from associates and advisors, but you are the mapmaker. Your Business Plan reflects your vision, your priorities, and your aspirations.
On a
practical level, a Business Plan
helps you manage all the details
of the day-to-day
operation. When a decision has
to be made, your Business Plan
is there to guide you.
A Business Plan is also an
important tool in financing your
business. Many banks will not
even consider a business loan
without looking over the
Business Plan first.
Your Business Plan should not be a static document. In fact, you should review it regularly, and update it as your business grows and changes and as you grow and change.
by Jillian Coleman Wheeler, Internet Business specialist, grant expert, and co-author of Your Internet Cash Machine: The Insiders' Guide to Making Big Money, Fast!
