Business Planning Takes a Road Trip

Here is a simple overview of a planning hierarchy: The business plan is the master document that directs all aspects of an enterprise. Yet, many executives fail to fully understand its importance for achieving goals. Too often, the plan is written then filed away and never used as a key tool in managing a business. A good plan is not necessarily about how well it is written – more important is how well it is implemented. Someone once said, “A partial plan implemented well is better than a well written plan never placed into action”. It is very important to use the plan as your guide, but it must also be dynamic under constant revision because the marketplace is not static. Without a plan, how do you know where you are going and how you will reach your destination?

A business plan addresses functions related to product, marketing, operations, administration, finance, legal, and budgeting. Yes, you can argue that more goes into the plan – remember this is just a simple summary. Planning is like preparing for a road trip. You know where you are and know where you want to go, but how do you get there?

Let’s say your trip is several hundred miles long. Studying your map, you ask yourself questions about time and resources needed before you start the journey. You want to get to your destination as quickly and efficiently as possible, but at the lowest cost without sacrificing essentials or your comfort.

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5 Reasons Why NOT to Write a Business Plan

Looking back I don’t think I’ve ever written specifically about business plans before and the more I think about it the more I realise why, because they’re usually a pretty boring subject.

Let’s be honest, business plans are not fun things to write or to read, so I’ve quite happily avoided the subject up to now.

So why the sudden change of heart?

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5 Questions for Writing Your Business Plan

When you start a business, it’s an exciting time. You are passionate about your big idea. You can see it clearly in your head. You know what you want to do. You just need to get on with it. Sound familiar?

Yet one of the main reasons so many new businesses fail isn’t necessarily because the idea was flawed. One of the biggest reasons they fail is actually because they didn’t have a clear plan. The plan is what moves you from ideas to action.Those that have a plan have had the discipline and foresight to really think through their ideas and how they are going to work.

So 5 important questions to ask yourself as you write your plan?

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