Solid Oak Consulting Business Planning Services
When asked about their business plan, many small business owners respond, “I don’t need a business plan. I keep it in my head”, or something similar.
Reasons For Developing A Business Plan
There are many reasons business owners develop a business plan, but here are five to start with:
- To organize your own thoughts on why you are in business and how you operate.
- To more easily communicate your business plans and objectives to others inside your company.
- To support an application for a loan or grant.
- To establish a clear set of measurable objectives so you can track progress on your company’s goals.
- To be able to recruit people into your company more effectively.
Some Myths About Business Plans
Business Plans End Up Just Sitting On The Shelf
A good business plan is a living document not static. Owners who really use their plan, review them regularly and make changes to their plan based on progress and what is happening in the marketplace.
Business Plans Are Complex
The amount of detail in a plan depends on you, but many plans can be documented and communicated using a single page.
Business Plans Take A Long Time To Develop
Again, this depends on you, the owner. If the current “plan” is entirely in your head, then you will need to be available for planned periods of time to retrieve it. If you already have a number of the backup documents, such as financials, then much of the process can take place independently of you.
Developing A Business Plan Is Expensive
Many large companies take months of work to develop and revise their plans, but most small business can develop a plan in a matter of weeks not months. This means the cost is not prohibitive even if an outsider is involved.
Take Action Now
If these myths or others are stopping you from developing your own business plan, contact Solid Oak Consulting at 708-524-0886 or Tom Long to discuss details of how to get started.
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