Plan Your Business
Right
Developing
a set of business and marketing plans is an
essential component of the entrepreneur's job
description. These plans help take you to where
you want to be at some future point in time.
These plans help you communicate to others -such
as your loan officer- that you have a clear
understanding of what you want and how you are
going to achieve your goals.
I suggest that you first consider what you personally
want to achieve in the next five years. Perhaps
its financial independence and job security,
or you may want to create something to sell
that will allow you to retire in five years.
Whatever your goals, any business venture that
you enter into must help you achieve your personal
goals.
Remember,
you are not starting a business for the sake of
starting a business. You are starting a business
that will move you closer to achieving your personal
goals. Therefore, your business venture is a strategy
through which you believe will get you to where
you want to be. Your business and marketing plans
will help you execute that strategy.
To
the left you will find links to a systematic approach
toward the development of strategic business plans.
Many people avoid planning because they say they
don't have time. I have heard people say, "When
am I supposed to find the time, I have a business
to run". This is an interesting comment.
Would you hire a contractor that told you that
he or she was too busy building your dream home
to draw up the plans for it first? Like building
a house, building a business involves the coordination
of a variety of simple and complex pieces. All
of these pieces must ultimately fit together and
function properly. By not evaluating the best
methods available, you won't be prepared to make
a mid-course correction if one of the pieces is
not operating as planned.
When
you choose the path of entrepreneurship you are
accepting the "job description" of that
role. Entrepreneurs who fail to plan are shirking
their responsibilities. When they do, some will
get by, but most will be fired by their new bosses
-- their customer base. Much like when you were
applying for your first job, you knew you had
to set yourself apart from your competition to
win the job. Well, nothing has changed. You now
have to convince even more people that you will
deliver more value to them than your competitor.
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