Why a Business Plan? Avoid the Path to Failure

Why would you need a business plan for an established business? Did you ever have one? Maybe things are just fine, business is great, and your business is making tons of money. And very possibly, your business is doing the best it can already. However..what if it isn’t? How will you know?

Let us consider for a moment that your business could be better. Without a thoughtful, honest and focused look at your business and the industry you are in, you may be missing opportunities. Or you may not be aware of certain market indicators that would cause you to revisit your current way of doing things. To be ahead of the game; “forewarned is forearmed” so to speak.

A business plan will bring all of the components of a successful business into focus. You will have an excellent handle on market conditions, your competition, new methods, services or products within your industry, pricing information, potential new clients or customers, marketing and sales techniques, opportunities for new business relationships, revenue streams and much more.

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Business Plan Services – The 5 Key Stages of the Process

Business planning can never be truly outsourced. If a contractor or consultant is brought into the process they may be allowed to take the lead, but the work will still require extensive collaboration between the entrepreneur or business managers and the contracted firm. This collaboration process will take a different shape depending on the specific firm you are working with, but should include these important stages: 

Interview Stage

After a contract has been signed (and perhaps even before) interviewing will occur where the consultant attempts to gather as much business information directly from the entrepreneurs or managers as possible. If there are multiple managers or founders, they will look to reconcile their different accounts of what the business is attempting to do and make the team aware of significant divergences. 

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Business Plans – Stop Wasting Your Time!

“Failing to plan is planning to fail!” was a phrase commonly heard as far back as high school when speaking with my career counselor.  As cliche? is the statement is, most business leaders will suggest that there is a great deal of merit to it, to the extent that most business leaders either a) have started thinking about writing a business plan, b) have started writing one or c) have one tucked away on a shelf that they haven’t looked at, ever.

Business plans take too long to write, they are more of an academic process, they are impractical, they are only used to raise money when starting a business and most good business leaders don’t need one, anyway, right?  While there have been many the albatross thrown around the neck of the business plan, we hope to give you new perspective on creating a business plan and hope that you will engage in one for your business.

In this issue of “Had an Aepiphanni, Lately?” we are going to discuss the justification of the business plan, or why the heck we need one, anyway, and how you might implement one into your daily business without it becoming a burdensome exercise.  Topics we will cover include:

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