Over the last week, I’ve written two posts about business plans. The reason for this is that I have been working on a business plan for the small business IT and technology partnership that will be opening soon under the CPA for Small Business umbrella, so the importance of business plans is fresh in my mind.
I thought it would be good at this time to post up a blog series concerning business plans.
If you don’t know where you’re going, any road will take you there.
This well-known business motivational axiom is particularly true for small businesspeople who fail to work through and create a business plan for their company.
Business plans force you to think out, research, and put in writing every function and aspect of your business, including:
- Products and Services
- Finance and Budgets
The greatest advantage to creating a business plan is that it forces you to critically analyze your business (or prospective business). Through this process, you will be able to identify your company’s strengths and weaknesses as well as the opportunities and threats you will be facing (MBAs call this SWOT Analysis – Strengths, Weaknesses, Opportunities, and Threats).
No one I know who has worked through the process of creating a business plan has regretted doing it.
Over the next few weeks, I’ll be making a series of blog post concerning business plans. I hope these posts are useful to you.