Are you planning to fail?

I cannot count the number of business owners that I have met with who started a business with no business plan. It is not impossible, however it is not a strategy that sets the business owner up for success. Failure to create a business plan is like planning a trip with no directions. Your business plan should serve as a road map for your business to follow for the next one to three years. Of course, you will encounter obstacles and may need to change direction, however your plan will let you know where you should be going so that you know when you’re off track.

If you are interested in operating your business full-time, a business plan is even more essential because it will not only help you to determine your profitability but it will also let you know if you can afford to pay your bills. Will you business need staff? Your business plan will help you to determine when (and if) you can afford to hire help and at what rate. Do you need financing? From investors to loan officers, they will want to see your cash flow statement, income statement and balance sheet.

No matter how long you have been in business, it’s not too late to create a business plan