Business plan development

Business plan development Product Description Build on that bright idea with a solid business plan. A business plan is invaluable for both new businesses and existing small companies. It helps entrepreneurs analyze their business and the market to stay ahead of the competition, and obtain start-up capital and loans. This book has everything business owners need to create a clear and comprehensive business plan, including guidance on the important decisions that must be made before drafting a plan, a tutorial on business-writing basics, sample business plans, and more. -In 2003, there were approximately 23.7 million businesses in the United States; of those, 572,900 were new businesses -According to the Small Business Administration, two-thirds of new firms survive at least two years and about half survive at least four years; the firms with clear plans for survival are the ones that stick around -More than 75% of small firms use some form of credit in their start-up or operations, which requires a solid business plan About the Author Gwen Moran, a columnist for Entrepreneur magazine, was named a "Young Entrepreneur of the Year" by the U.S. Small Business Administration. She’s been featured on CNBC and NBC, and in the New York Times, International Herald Tribune, Insight, and PR Week. Sue Johnson is the regional director of the Small Business Association’s Small Business Development Center at Raritan Valley Community College, where she oversees services provided to small businesses. She has also operated her own small business. Following the advice of Gwen & Sue helped me turn an idea into something much more. Their advice is practicle, applicable and realistic. The book breaks it all down for you, so you can easily locate the parts most relevant to your individual situation. I recommend this book to anyone who is either thinking of starting a business, or already has a business that needs a new/improved plan. I actually read this book to help me launch a new business, but a lot of the knowledge has translated very well into my existing business. ------------------------------------------ What's the Purpose of Business Plan Development? Business plan development is considered a necessary evil by many entrepreneurs - it is the process of creating a document which will help them pitch to investors and lenders. However, funding aside, you will improve your chances of business success if you take business plan development seriously. Planning Does Help It is a simple "out" for entrepreneurs to throw their hands up, saying "If so much of business is about flying by the seat of my pants, reacting to opportunities and threats and they arise, and changing plans continuously, there is no reason to plan for my own purposes. Certainly, a plan will be required by funders, but that plan does not have to have any similarity to the tactics which are used in the end." However, planning does help, even if the plan needs adjustment down the road. A plan can zero in on alternative strategies which might work and throw out those which do not fit the company's intended brand, customer markets, or competitive situation. Without a written plan, the company is in danger of trying out strategies which seem to make sense on the surface, but really lack a good fit with the company in the long-run. Keeping the Team Consistent Another major reason to plan is to keep all team members on the same track. Without a written guide setting out the mission and strategy to achieve that mission, different managers may develop their own ideas about the priorities of the company and end up working at cross purposes. To serve this purpose, the business plan must be shared between the managers at least. The managers must all work to pass on guidance to their staff based on the plan. Setting a Reflective Tone It is extremely easy for entrepreneurs and small business owners to be caught up in the action of running their businesses on a day-to-day basis and consider reflection on where the company has come from and is going to be a luxury. Being serious about business plan development from the outset sets reflection as a priority for the company, and a business launched on this foundation stands a better chance of continuing to use planning as a tool going forward. When taken in balance with action and awareness of the present situation, reflection and planning can serve the business well." Eric Powers is associated with Growthink, a business plan consulting firm. Since 1999, Growthink's business plan consultants have developed more than 2,000 professional business plans. Call 800-506-5728 today for a free business plan consultation, or visit http://www.growthink.com/businessplan.