Creating a G-Business Plan

If you are in business then you need a plan. Anyone that plans to consume significant resources of money, energy or time and intends to turn a profit needs to take the time to do a business plan. Your plan can vary from simple to elaborate and the time spent is not necessarily proportionate to the results you will achieve.

What Not To Do!

Do not put off developing your Business Plan until you have the “time”. The busier you are the more you need a plan.

Do not get stuck on Idea Inflation. You need just a few key factors to be successful, time, money, drive and common sense. Few businesses thrive on a very “new” idea. A new idea is harder to sell than an existing one because people are automatically skeptical. An investor is buying into you, not your product. You are your best asset!

What is a Business Plan?

Business plans are designed for a business to look ahead, allocate resources, focus of key points and prepare for problems and opportunities. Unfortunately, many people think of business plans only for starting a new business or applying for business loans. They are also vital for running a business. Businesses need plans to optimize growth and development according to priorities.

• Set your goals, responsibilities and deadlines to guide your business.
• Assign tasks to people or departments and set milestones and deadlines for tracking implementation.
• A practical business plan has 10 parts implementation for every one part strategy.
• Your plan should include a statement that requires its review and change of course corrections as necessary.
• Be practical.
• Business plans are about achieving your results. Your contents need to match your purpose.

Business Plan “Don'ts ”

• Do not use a business plan to show how much you know about your business. In other words, do not toot your own horn.
• Do not be long-winded. No one will review your plan if it doesn't get to the point.

A Standard Outline includes :

• Company Description
• Product or Service - Focus on Customer Benefits
• Market Analysis – Know your Market, how to reach them and their needs.
• Strategy and Implementation – Be extremely specific. This should include your responsibility with deadlines.
• Management Team – This may need to be added later is you are just starting.
• Financial Plan – Again, this will need to be adjusted as you grow in your business.
• Executive Summary – Highlights of your Company