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Starting The Year Off Right - Creating A Plan For Success
By Mary McCarthy, Your Management Team
 
Published On:  1/2/2012

I am sure you have heard the statement that the key to success in real estate is, "location, location, location."  In a small business the key to success boils down to one thing as well, and that is "planning."  While I understand that as the business owner you do not have to take the time to plan, my question to you is, "why wouldn’t you?  Why would you put your business and finances at risk by not developing a plan?  Why not embrace the process and increase your opportunity for your business and financial success?" 

We state that a major reason for becoming a small business owner is to have control over our destiny.  A business plan helps with achieving control.  It is an important tool in effective planning and goal setting.  So, here are my top five reasons why you should take the time to develop and write your business plan.

 

REASONS FOR WRITING A BUSINESS PLAN:

  1.  Goal setting:  Developing a business plan includes setting goals.  You can’t measure what you haven’t defined.  By determining where you want to go you can set actions in your plan to get there.
  1. Analyze what worked and what didn’t:  Analyzing your expectations based on actual results could mean a complete shift in direction, or it could validate your assumptions were correct and move you to the next phase in the business.  Analyzing allows you to effectively plan next steps for your business. 
  1. Review cash flow for effective financial management:  it is vital to the financial health of the business to know where the cash is going – both inflows and outflows.  Growing revenue is important, but knowing where it is going is vital to the financial health of the business. 
  1. Manage company growth:  We all want to grow our business, but we have to manage the growth keeping in mind your capacity and financial resources. Either growing too fast or not growing fast enough could negatively impact the business and must be managed.
  2. To secure funding through a bank or investor:  If seeking funding to grow, a business plan is required.  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.

 

Each year you should review your plan and readjust for next steps to continue growing forward. 

 

Owning a small business is hard enough without putting up barriers or roadblocks to success.  Think of developing a business plan like taking a trip to someplace new.  If you did not know where you were going you would take the time to research the location, get directions, make sure you had enough money for the trip and would reserve a place to stay when you got there. Knowing where you are going in your business is just as important.

A new year is a great time to invest time and energy to ensuring your business starts off on the right foot.  This is the time to take control over your destiny and plan to achieve all your business dreams.  Good luck in developing your plan, and for developing and achieving all your business goals in 2012.

Need help developing your business plan?  Give us a call at (614) 602-6530 or reach us at, Mary@YourManagementTeam.com

  

 Developer and Visionary.  Mary McCarthy, President and developer of Your Management Team is a serial entrepreneur.  Jumping into small business ownership twenty years ago, Mary has worked with, owned, 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. 

 Looking for a creative-problem solver to assist with the development and growth of your -small business?  You can reach Mary at:  Mary@YourManagementTeam.com or at (614) 602-6530.

 

 

 
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