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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
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?"
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.
WRITING A BUSINESS PLAN:
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.
- 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.
- 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
- 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.
- 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.
year you should review your plan and readjust for next steps to continue growing
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.
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
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