Business Plans, can your business grow without one?
On this weeks episode of Love and Grow Stacy and I discussed the role Business Plans play in the development and/or success of a business. While I believe a good business plan can mirror your business goals and serve as a road map to the final result, Stacy brought up some interesting points. Perhaps a business plan is not necessary and maybe you would be better served just keeping your ideas and plans in your mind or in a notebook and applying the steps when the time comes. Regardless of what you choose, it is our hope that you create a successful business and fulfill your business dreams with or without a Business Plan.
Business plans have some basis components:
- Executive summary
- Company overview
- Market Analysis
- Mission/Vision Statement
- Action Plan
- SWOT Analysis
Business plans vary in length, content, and detail but the list above can apply to any business idea. The plan you create can be updated as changes take place in your business. If you find that a predetermined process will no longer work, you can update that information in the business plan. You can share your business plan with your partner(s) and investors. Certain businesses will require a very detailed plan to obtain funding in the way of loans or grants from investors, the state, or the federal government. If you require funding, you will require a very complete and informational business plan.
If you do not require funding and you have very basic needs, you may be able to get away with the one page business plan to start. One page? Yes, there is a such thing see an example here. These shorter versions really take the stress, anxiety, and time out of completing a full length business plan. It also provides a detailed space for you to write or type all of your ideas and goals which you can later build upon. Referring to your business plan will provide a rewarding way to track progress. It can can also help identify issues before they arise. The more information you include, creates less room for error especially when it comes to the market activity and the finances.
Living a Comfort Killer lifestyle means you make big decisions in the direction of your biggest goals and turn aspirations into a reality. Don’t let a business plan be the stepping stone you trip over, there is no wrong answer. If you are truly lost about where to start, seek assistance within your team or from a professional. Just be prepared to answer questions about your business and do some research about your market, the area, and potential clients! Know what your service or product costs to create and how much you’re willing to let it go for. Know how you plan to create and collect revenue and increase sales. Be ready to produce relevant documents that will aid in the preparation of your business plan. There are many types of templates available online and you can also create a Word or PowerPoint document using a template. You may create and design the plan yourself, besides, it is primarily for your personal use. Lastly, keep the business plan updated, otherwise it will become so outdated that you will never look it at in the future.
“A good plan is like a road map: it shows the final destination and usually the best way to get there.” H. Stanely Judd
Peace & Love