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The 5 Reasons Why You Need A Business Plan
By Mary McCarthy, Your Management Team
 
Published On:  1/21/2011

What is a business plan?   It is a written document that breaks down the five sections of managing a business including: company, marketing, management, operations and financials.   When I ask business owners if they have a business plan more often than not I hear, “No, I am too busy running my business to write about it."

I am here to tell you, writing a business plan does not have to be daunting.   It also is not a waste of time.   Actually, it is one of the most important exercises you will do as a small business owner and is worth the investment of your time and resources.   Below are my top 5 reasons why:

1.       A road map to know where you are going and how you are going to get there :   It is your road map to success.   How do you know where you are going unless you have a plan and a strategy in place to achieve that plan?

 

2.       To secure funding through a bank or investor :   a business plan is required when seeking funding.   It is the explanation of your idea, the proof you understand your business and goals, and the knowledge of what it will take to get there.

 

3.       Time to research and validate your business idea :   planning and researching are vital to understanding your business and place within your selected industry, and the message you want to get across to your prospects and customers.   You need to fully understand who and what your business is before you can share that message effectively with others.

 

4.       Plan to grow your business:   a business plan is a strategic tool to grow your business to the next level.   Starting and managing the business is all about the day-to-day.   Growing your business is about thinking holistically.   The effort to evaluate your business and develop a plan for growth causes the business owner to change their thought process from the day-to-day to the big picture.

 

5.       To reconnect with your original business idea and goals:   most small business owners get so caught up with the day-to-day running their business they lose track of their original business goals.   A business plan should be reviewed at least once a year to adjust, change, or remind the business owner how they want to grow their business.   Joe Spinelli with Spinelli’s deli said it best, “I review my business plan every other year.   Two years ago social media was not even mentioned in the plan but it has become the best marketing tool I have."   Economic changes, technology advancement, competition changes; there is a lot going on around you and your business so make sure to take time to evaluate the effects against your goals.

With the start of a new year, now is the time to invest in yourself and your business.   We would love to help you develop your plan.   Join us throughout the month of February and let’s see where your plan will take you in 2011.
 
 

 

Developer and Visionary.  President and developer of Your Management Team and MLM Consulting.  Jumping into small business ownership twenty years ago, Mary has owned, worked with, and finally consulted with dozens of small businesses throughout her career.  Mary's strengths lie in developing start-up opportunities, implementing business processes and procedures, and forming partnerships with resources and organizations for the benefit of small business owners.  Mary understands the hours, dedication and focus needed to own and manage a business.  This experience combined with her desire to assist others brought her to SCORE, Counselors To America's Small Business the non-profit arm of the SBA in 2007 where she has served as Chairperson of the organization since January 2008.  Mary is a highly regarded speaker on small business topics, sits on the Athena PowerLink Governing Body and the Ohio Department of Development Entrepreneurial Roundtable.
 
A:  28 Westerview Drive, Westerville, OH   W:  www.YourManagementTeam.net   E:  Mary@YourManagementTeam.net

 

 
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