Startup: Get the Business Plan Right

Most aspiring entrepreneurs fail to recognize the importance of the business plan. If you want to be successful in business and in life, you need to be able to define your goals and targets and measure your progress as you aim to achieve them. For entrepreneurs, this is where the business plan comes in. Getting this important first step right will help to give you the focus you need as you grow your business and it makes it easier for potential customers to understand who you are and what needs you're fulfilling.

The business plan articulates your business idea and your reason for being. It includes an analysis of who's in your target market, who your competitors and potential competitors are, what sorts of laws and regulations you must consider, and of course how you plan on financing your operations (and why you think your venture is worthwhile in the first place!)

Yet, why do most small businesses fail to accomplish this important first step? Is it that they're put off by this "extra" work? The point is, articulating what your business is and how it will remain profitable and sustainable shouldn't be considered an extra workload, but rather a necessary part of your business strategy. Furthermore, you should periodically re-assess your plans to determine if the internal (resources, capacity, targets) and external (competitive, governmental) factors have changed since your last assessment.

If you want to give your business more focus and learn how to create your own business plan, you'll probably find some examples helpful to get you started. There are some free business plan samples available at BPlans.com, a resource which also features tips on how to improve and refine your business plans and grow your business in the way you intended. If you're still at a loss for creating a business plan that suits your particular business, post your comments below, or e-mail me at web (at) dilawri.com and I'll be happy to help.

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