What is your Business Plan?
What is Your Business Plan?
Do you have a business plan? If it isn’t written down somewhere, I would argue that you do not have a business plan. You may have an idea of what your business is about and what you hope to accomplish through business ownership. Without following specific guidelines and WRITING it down, it is very difficult to determine if you are meeting your goals. A basic business plan will include the following components:
- Executive Summary.
- History (applies to existing firms, or perhaps the industry of your business)
- Mission or Vision
- Financial Plan (this is where I can help – do you know your break-even point?)
- Market Analysis
- Marketing Plan
Did you know that QuickBooks can help you with your business plan. There is an excellent component to your QuickBooks software. Go to Company > Planning & Budgeting > Use Business Plan Tool. I recently did this for my own business and I found it to be a valuable process. I have a plan for next year and I know the steps I will take to work my plan. I will also know if I reach my business goals and at what point I reach them. Another great resource for writing a business plan is the Small Business Administration.
If you are a business owner and you do not have a business plan, I strongly encourage you to get started. You will be amazed at what a difference it can make. If you ever go to a lending source for a loan, one of the first documents they will ask to see is a Business Plan. Have one put together that is persuasive, complete and well thought out.