Archive for June 15th, 2007:
Top 10 Tips for Writing Your Business Plan
As you develop your business plan, it’s easy to make mistakes or leave out important elements. Here are a few of the most common business planning pitfalls and some tips on how to avoid them:
1. Create a vision. It’s tempting to roll up your sleeves and plunge right into the details of your business: evaluating products, studying market segments, and sizing up your competition. Yet it’s possible to get so caught up in the process of planning a business that you lose sight of what you’re planning for. Before you get lost in the details, take a step back. Outline a clear vision and a coherent set of values for your company. Develop a mission statement and use it to define short-term goals and priorities. Once you have a clear road map for your business, you can plan your journey with more confidence.
2. A budget isn’t the same thing as a plan. You can’t create a solid business plan without a budget and a financial forecast. But a budget should be the product of all the other elements in your plan. If you don’t have a clear picture of your industry, customers, competitors, and market conditions before you develop a budget, your numbers aren’t likely to reflect reality.
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