Small Business Planning

Whether you are starting or growing a small business, a sound business plan is your roadmap to success. Unfortunately, many entrepreneurs rely on their memory and never actually commit their ideas to paper. Even if they do consider writing a business plan, they are often overwhelmed or confused by the planning process and never understand the value of this critical document. As a result, many small business dreams fail or fall short of their actual potential.

Having a written business plan is not the anwser. Using it to communicate and establish measureable actions for your busienss is how to use a business plan effectively. Writing a business plan will force you to objectively develop and evaluate your tactical and strategic plans. It will also help you identify the opportunities and risks encountered as a result of your decisions. You will better understand the environment in which you operate, the strengths and weaknesses of your business, the competition, and the validity of your assumptions. Most importantly, you will understand who your customers are and how you can meet or exceed their needs and expectations.

While the Internet provides a wealth of resources, finding relevant, accurate, and current information to support your strategies and financial projections can prove to be a frustrating and time consuming challenge. If you decide you need a business plan our advisors can help you sort through the issues that drive you plan and ultimately provide you with the resources to help in the implementation as well.

For a free assessment of the issues and value of developing a formal busienss plan please email Joseph Rounds, Member Services Director at jrounds@smallbusinessfactors.ws