A well thought out and prepared business plan is the most valuable tool a business owner can have, especially a new one. The business plan also called a feasibility plan for a new business (because new business is researching the potential product to determine if it would be viable) is your road map.
Your business plan will keep you on track as you implement the strategies you developed and evaluate the results to determine if any changes are needed.
Success is not guaranteed to anyone but it is attainable to anyone willing to do the needed work. As you plan your business, ask yourself the following question, “What will happen to my small business if I an unable to participate in it due to illness or some other event & I am the only employee?” At this point, I’d like to relate a story.
While on a vacation, I was walking in a shopping area and came upon a book store and I wanted to go inside and look around. When I got to the door, I was meet by the following sign “Sorry, closed due to illness”. Unfortunately, this owner did not have a plan in place for this and as a result, who knows how much revenue was lost. To compound the situation, the fixed costs of rent and utilities were still being incurred. What if the sign read instead “Sorry, closed due to illness, but please visit our website. Planning Makes A Difference!!
The best time to plan for your business is at the beginning, but if you didn’t don’t lose heart, it is never too late to develop and implement a good business plan. Developing the plan after you have started has benefits because now you have real world experience and numbers to use.
Planning, starting and running a business is not easy but with the right information and tools it can be successful.