The Business Plan of Attack Guntersville AL
Auburn University, AL
The Business Plan of Attack
Don't Even Think about Starting a Business Until You Have a Plan
I always have lots of ideas. But I’m not the most organized or efficient person. To get anything done — and especially to do it well — I need to write things down in detail.
That’s where business plans come in handy. More than an idea, a business plan is a literal blueprint for business success. Simply defined, a business plan is a special document which entrepreneurs use to map out key details of their businesses, and to plot their short- and long-term plans for future success.
Of course every businessperson has a “business plan" in his or her head. But there it’s of little use. A general notion of where one wants to go and how he or she will get there rarely gets optimal results. But goals that are written down in concrete form are more likely to be achieved. That’s why self-improvement experts always urge others to write down their goals.
External and Internal Uses
A Business Plan is useful for such purposes as:
· Obtaining loans
· Attracting partners or investors
· Gaining new clients
· Getting grants
· Educating others about your business
· Selling the business
· Planning and sharpening your focus
· Reminding you of your goals
· Keeping a group on the same page and clarifying objectives for everyone
· Measuring progress
External uses are the most common impetus for business owners to write their business plans. A loan is suddenly needed, so a plan is whipped up and submitted. In the absence of such external pressures, no plan is made.
But internal applications are of even greater importance, because the business plan is the compass that guides the entrepreneur. Just the process of writing it forces business owners to focus their goals in detail. Marketing offers a good example of a business plan’s value for internal planning.
Planning a marketing strategy requires careful thought, wise budgeting, and sound strategic choices. Not all media, for example, will be equally suitable for your needs. In this section, you should address such considerations as:
· Target Market
· Positioning Strategy
· Personal Selling
You’ll need to spell out as many details about these and other marketing considerations.
Include the following key ingredients in your business plan.
Cover . Select a fine cover for your plan. It need not be expensive or fancy. You can get ideas in office supply stores. For a relatively small and compact plan, a flexible cover might be best. For a larger work, a hard binder might be preferable.
Cover Page . Identify your document: “Business Plan for (your company name).” Inclu...