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Currently, I am a partner at Apis Business Solutions, LLC an accounting and bookkeeping firm. I am also a part-time consultant for the Denver Metro SBDC and teach classes for entrepreneurs and small business owners. When you say business plans to some people, you can see their eyes glaze over. It does not have to be a 50-page document, but I believe writing down what is in your head is a great step towards clarity.
Belief is not the same as "fact", however, we often use those words interchangeably. A well-written concise business plan forces you to:
1. Crunch realistic numbers whether for start-up costs, financing or product pricing;
2. Determine your target market and develop a strategy to reach it;
3. Know your legal and tax obligations; and
5. Clarify yourt strengths, weaknesses, opportunites and threats.
It also allows you to get useful feedback from others. Often times, the process of researching and writing a business plan is just as beneficial as the resulting document. If handled properly, it should not restrict you. On the contrary, it should help you consider things you may not have initally considered. It is a "living" document, and should change and expand as you and your business grow.
Every year you should be writing a yearly plan. That plan is based on your original business plan, but is targeted to the upcoming 12 months. Reviewing your progress on a quarterly basis gives you a snapshot of where you are. You can then make changes based on "fact" not "hope."
I am currently a partner at Apis Business Solutions LLC, an accounting and bookkeeping firm. I am also a part-time consultant for the Denver Metro SBDC and teach classes for entrepreneurs and small business owners. When you say business plans to some people, you can see their eyes glaze over. It does not have to be a 50-page document, but I believe writing down what is in your head is a great step towards clarity.
Belief is not the same as "fact", however, we often use those words interchangeably. A well-written concise business plan forces you to:
1. Crunch realistic numbers whether for start-up costs, financing or product pricing;
2. Determine your target market and develop a strategy to reach it;
3. Know your legal and tax obligations; and
5. Clarify your strengths, weaknesses, opportunites and threats.
It also allows you to get useful feedback from others. Often times, the process of researching and writing a business plan is just as beneficial as the resulting document. If handled properly, it should not restrict you. On the contrary, it should help you consider things you may not have initally considered. It is a "living" document, and should change and expand as you and your business grow.
Every year you should be writing a yearly plan. That plan is based on your original business plan, but is targeted to the upcoming 12 months. Reviewing your progress on a quarterly basis gives you a snapshot of where you are. You can then make changes based on "fact" not "hope."