101 Business Plans
Developing a successful business plan is the key to getting a new business off the ground. Below is a collection of advice from experts on how to develop a meaningful plan.
Don’t wait. Any time spent running a business without a business plan is lost. Business plans can be used as tools to help your business become more valuable and profitable. Without a plan, your business will likely become unorganized and unattractive to potential investors.
An article on BusinessKnowHow.com emphasizes drafting a plan immediately. “The busier you are, the more you need to plan,” the article states. “If you are always putting out fires, you should build firebreaks or a sprinkler system. You can lose the whole forest for paying too much attention to the individual burning trees.”
Keep It Simple. Business plans are an important vehicle for communicating to potential investors. Keeping your business plan direct and to the point gives you an advantage.
Jim Casparie, CEO of The Venture Alliance, says in an article in Forbes, “You have to tell me in a few lines why you have a competitive advantage in whatever market you’re going after, because I need to know why you’re going to win. Most plans don’t do that.”
Be prepared to edit. Business plans are not set in stone. A plan should be a continual work in progress. Every business should have a current business plan with the will to make adjustments and improvements toward future successes.
“A business plan is the beginning of a process,” says Tim Berry, president of Palo Alto Software, in an article on Forbes.com. “Planning is like steering, and steering means constantly correcting errors. The plan itself holds just a piece of the value; it’s the going back and seeing where you were wrong and why that matters.”
WBJ Web Partners
Most Recent
Most Recent
0 Comments