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#plan for success

Are you running around in circles chasing referrals or leads? If so...STOP the insanity and make a plan. Don't know how? You're in luck because I'm going to share over the next few weeks how to have a plan that works ANDis simple and straight to the point.

How many of you have a business but have never written a business plan? Or don't even know what it is exactly? Be honest with one's judging. I'm going to start from the beginning in the event I am speaking a foreign language. First and foremost...a business plan is a written description of your business's future. That's it!! It's simply a document that describes what you plan to do and how you plan to do it. Whether written on a napkin or formally typed, business plans can help perform a number of tasks for those who write and read them.

So what's included in a business plan, and how do you put one together? Simply stated, a business plan conveys your business goals, the strategies you'll use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and finally, the amount of capital required to finance your company, and one day, meet your financial goals.

Sound impressive? It can be, if you put it together properly. A good business plan follows set guidelines and typically there are three primary parts:

  • The first is the business concept, where you discuss the business you are in, your business structure, your particular product or service, and how you plan to make your business a success.

  • The second is the marketplace section, in which you describe and analyze potential customers or referral sources. Who, where, and why they would be interested in your product or service. You should also describe the competition and how you differentiate from your competitors.

  • Finally, the financial section contains your income and cash flow statement, balance sheet and other financial ratios, such as break-even analyses. Money in...Money out....Profits/Reinvestments in your company.

Having a plan is extremely important...stay tuned to more posts specific to business plans!!

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