April 2, 2010, Newsletter Issue #255: Don't Get Caught Without a Business Plan

Tip of the Week

If you fail to plan, you are essentially planning to fail. And yet, so many entrepreneurs fail to create a business and marketing plan for their businesses. A business plan can help you see the bigger picture and get organized, as well as:


Help you commit. You may have an idea of your company's goals in your head, but if you put them down on paper, it goes a long way toward making them happen.


Makes you a team player. By sharing your business plan with your employees, you make them feel like part of the company's operations. You give them an understanding of what the business' goals and objectives are, and they can help achieve them.


Help you make smart decisions. If everything is according to your business plan, you won't be taken by surprise by needs you didn't foresee. Planning well can help you make decisions about commercial property lease or purchase or equipment procurement.


Attract investors. Investors won't even consider funding a business without a plan. Even if you don't need financing today, one day you may.


Create an action plan. While you may know what your goals are, you may not know how to make them happen. A business plan should include action items that stimulate you to reach your goals.

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