Home
>
Strategic Planning
>
Do You Really Need a Business Plan?

Do You Really Need a Business Plan?

"I don't need a business plan."

Neither did Alice in Wonderland.

"Would you tell me, please, which way I ought to go from here?"

"That depends a good deal on where you want to get to," said the Cat.

"I don't much care where," said Alice.

"Then it doesn't matter which way you go," said the Cat.

As a consultant, I have people ask me "How can I increase my business?" The answer is often easier than they think. But before figuring out how, they must decide where they want to take their business. This is why everyone in business should have a business plan, not just the people seeking venture capital.

Your business plan will be the "road map" of your enterprise. It will show you how to get to where you want to go. To develop a good plan, you need to write down the answers to quite a few questions.

To get you thinking, let's jump twenty years into the future. Describe your life. Are you still working or are you retired? Are you worth a lot of money? If so, how is your wealth distributed? Stocks? Bonds? Equity in your business? Other businesses? Are you an independent consultant or do you have a company? How large is your practice/company? What is your annual revenue (in today's dollars)? How many hours per week do you work? Do you work on weekends? Do you travel? And most importantly, are you happy?

Tough questions? Maybe. But they need to be answered honestly and realistically. I know that life can hit you with some unwelcome surprises that might change the way you want things to be. It is because of these changes, however, that you should re-evaluate your plan every two years -- about as often as you replace a pair of daily-wear shoes.

After defining your long range goals, break them down into ten year and five year goals. Make sure they are consistent with your twenty year plan. The next step is to determine what you need to do to achieve your goals.

Here are some short-term questions you should think about: Do you want more customers or steady customers? What is your competition doing? Will advertising help increase your profit? If so, what kind of advertising and what media should be used? Think of your own questions.

Your specific marketing strategies will depend on your individual goals (once you have an idea of where you want to take your business). Put your answers down on paper! Organize your thoughts, questions, and concerns. If you have financial data, use it. You don't have to take your plan to the bank, but by recording your income and expenditure you will have a benchmark to use when you review your goals and accomplishments. Business plans often follow a general format. You can modify this one to suit your exact needs.

Executive Summary

Company Profile (including mission statement that describes your business and why you are in it)

Competitive Analysis

Marketing Strategy

Staff Qualifications

Financial Information

Appendices (containing any additional information you would like to include)

Review your plan for consistency. Is it coherent? Is it realistic? This is your guide to your business. It will help you get what you want. Keep it updated. Change it as your goals change or as the market changes. Remember, a little planning will take you a long way.

Raj Khera is a partner in morebusiness.com, a comprehensive resource for small businesses. Find tips, articles, ideas, templates, worksheets, morebusiness.com, tools, financial benchmarks, morebusiness.com, and much more to help grow your business.

Wood Dale Chicago prom limo .. Lockport Chicago limo O’Hare

In The News:

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents

Internet browsers are useful, but they can be dangerous. Clicking on malicious links can direct you to dangerous websites that steal information or infect your device.

Apple's latest iOS update introduces advanced artificial intelligence capabilities, which may be capturing and analyzing sensitive information.

Breach site confirmed 56,904,909 Hot Topic users' data leaked online. Tech expert Kurt “CyberGuy" Knutsson says the company's silence makes matters even worse.

Tech expert Kurt “CyberGuy" Knutsson discusses how an innovative Easy-Way kit turns standard strollers electric, simplifying navigation for parents.

Tech expert Kurt “CyberGuy" Knutsson talks about T-Mobile being hacked in broad cyberattack on global phone and internet companies.

Tech expert Kurt “CyberGuy" Knutsson shows you how to add, customize and manage widgets for quick access to apps and info from your iPhone home screen.

Wrong Google searches can not only compromise your device and personal data. They can also bring law enforcement to your doorstep. Hackers are targeting Google searches.

China's Shanghai Kepler Robotics has developed a new humanoid robot that can carry up to 35 pounds per hand for commercial applications across various industries

Checking your hearing has gotten easier with the new hearing test feature in AirPods Pro 2. You can take reliable hearing tests using your iPhone or iPad.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Kurt "CyberGuy" Knutsson explains how a VPN — virtual private network — works and how running it can slow down the operation of your device.

The WalkON Suit F1, an exoskeleton developed to help people with disabilities, can actually walk over to a person in a wheelchair, solving a major problem.

ClickFix, a new scam targeting computer users, is on the rise in the U.S. The scam prompts its targets to click on a link to fix a problem.

Skydweller is the world's largest unmanned solar-powered aircraft that can stay airborne for weeks, and even months, without refueling.

The U.S. government said it is investigating after People's Republic of China hackers targeted commercial telecommunications service providers in the U.S.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Scammers are using increasingly sophisticated ways to lure unsuspecting victims, and some are impersonating an email help desk or support team.

You can unsend or edit your iMessages with the latest iOS updates. Kurt the CyberGuy explains how you can save yourself some potential embarrassment.

Kurt “CyberGuy" Knutsson says there’s been a rise in cybercriminal services using hacked police and government emails to send subpoenas and data requests to U.S. companies.

Kurt “CyberGuy" Knutsson discusses how Axiom Space and luxury designer Prada are collaborating on NASA's Artemis III spacesuit design.

Voice assistants may cause confusion across devices. Tech expert Kurt “CyberGuy" Knutsson offers some solutions to fix it.

Shameless scammers trick veterans into giving personal info or cash. Tech expert Kurt “CyberGuy" Knutsson explores five common scams.

Tech expert Kurt “CyberGuy" Knutsson helps you honor our heroes with these powerful podcasts, audiobooks and documentaries this Veterans Day.

Do You Really Need a Business Plan?

Strategic Planning