Regular listeners to Daily Essentials for Business Success know that having a business plan is one of the cornerstones of good management. The plan becomes the roadmap. In putting the plan together, the entrepreneur is forced to think about how to turn a vision into a working plan. So important is the plan, that some business people who donít succeed feel itís due to lack of financing, when in fact itís more often due to lack of planning. A good plan reflects a good mind at work.
There are many templates available for developing your business plan. Some of the easiest to adopt are at business.gov, the web site of the U.S. Small Business Administration. Here you will find tips on what type of format and information to put into your plan. What most plans boil down to are answers to these simple questions. What is your vision? What is the nature of your industry and competition? How will you market your product? How will you organize your company? And finally, what do your financial projections look like for the next two to three years? Once you've got the details spelled out, you're well on your way to turning your vision into a working plan. Then it's time for action. Tomorrow: Thinking ahead. Visit amazon.com or area book stores for a copy of Business Success Secrets and use it as a guide in building your company. This is Don Kornblet.
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