Do you have a business plan?
Most business owners are only required to have a business plan if they are seeking financial assistance from banks or other lenders. However, all business should have a business plan.
A business plan is a road map that sets the direction for your business. It outlines how you plan to make sales and grow revenue. It sets your business goals, why you believe they are achievable, and it provides detail on how you plan to reach those goals. Additionally, it provides the background information about your business, the owners, employees and other pertinent information.
Business plans are used as decision-making tools and are dynamic as your business grows and goals are achieved. A well-drafted business plan can help you become business credible. A business plan doesn’t guarantee “success” however, it can reduce the odds of failure.
SBA’s Business Plan Tool provides a step-by-step guide to help you get started. Not only can you save your plan as a PDF file, you can also update it at any time, which makes this a living plan to which you can often refer.
The tool can be found here – http://www.sba.gov/business-plan/1.
Below is just one of the many informative videos provided by the SBA.
So what are you waiting for? Get busy!