Many new business owners are so eager to share their innovative product or service that it can become overwhelming. They often feel their thoughts are all over the place, uncertain of the appropriate delegation of tasks, or maybe they truly don't know where to begin. You found this blog for a reason and the information we are going to share with you will be detrimental for your business.
All businesses should have a business plan. What is a business plan? We're glad you asked. A business plan is a formal document that encapsulates all of your ideas, goals, visions, finances, and direction with your business. It's important to have a business plan because your supporters, investors, and employees (yourself included) have an understanding of what you are trying to articulate and achieve. Nobody is a mind reader, if you are then you may not need our services after all (ha!), so it's important to convey what your vision is and what your goal is with the necessary people. It's also keeps your goals and visions organized in one convenient location. You can reference back to your business plan at any time to help stay focused. Life often gets busy, chaotic and overwhelming, a business plan will lay it all out for you so nothing slips through the cracks.
Have you ever started looking through your cupboards and decided you needed to go grocery shopping for items for a recipe? You start taking mental notes of the food you wish to buy and tell yourself, "it's only nine things, I'll remember." You get in your car, drive down to the market, head down the first aisle with your shopping cart and grab the milk. You head down the next aisle and start to get uneasy because you can only remember eight out of the nine things you told yourself you would remember. You convince yourself that "once you see it, you'll remember it" but aisle after aisle, nothing jogs your memory. You finally get to check out and convince yourself it wasn't that big of a deal. You pay for your groceries and head home. Upon arriving at your home, you are bringing the bags in and that's when it hits you, "I forgot the sugar!" Do you make an unnecessary trip back to the grocery store or tell yourself you'll remember next time? Alleviate this problematic situation all together and make a grocery list. Document all the items you need to buy to make your shopping experience efficient and effective.
Maybe forgetting the sugar isn't crucial because you have a sugar substitute. However, if you're baking banana bread and forget the bananas, the whole recipe is pointless. Similarly, we can say the same about the business plan. Some points are weighed more heavily than others but missing or skipping components can really effect the overall composition of the larger picture. Don't forget to write out your business plan. Invest the time and thought into your business because having a strong foundation is what will keep you focused, organized, and convey those goals and visions to the necessary people.
We are able to assist you in this process if you already have a business but have not yet presented it for funding. You can schedule a consult with us for feedback. If you have not yet started a business plan, no worries because we can help get you started.