Business Plan Basics

Business plan basics:
I think the best reason to write a business plan is to sell a business concept – to yourself. After all, you are the one who stands to gain (or lose) the most, so you should be the harshest critic of your idea.

A business plan is a tool for organizing your entire business idea, laying out all the details and weighing the benefits and risks. Before you share your plan with anyone else, you must first be sold on the idea. If not, go back and tweak the details until you’re convinced you’ve got a winner. Only then can you sell the plan to someone else.

A good business plan is a blueprint for your business. Like a blueprint for a house, the business plan provides the specifications for starting, running and maintaining your business. But unlike a blueprint for a house, a business plan does not get filed away after the house is built. A good business plan is a living document and will constantly change along with your business. As with most things in life, there are forces that continually cause us to adapt to new circumstances. Get into the habit of regularly reviewing your results against the plan and updating the plan based on the reality of your environment. At times you’ll be disappointed and other times, pleasantly surprised. Keep it real. Make an honest assessment of your failures and successes and adjust your plan as required.

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