Importance of a Business Plan
This is a summary of a section that was taken from Robert Tuchman’s book on the importance of business planning.Whether you think yours is a small outfit or taking over your neighour’s corner store, you need a plan. Here’s the simplified plan in which Tuchman proposed.
1.Name of your business
2.Description of the people your business will be helping and servicing.
Describe in as much detail as possible the type of clients you hope to help and attract.
3.Your vision of what the company will look like in five year’s time.
This is an important part of your plan. Include details such as how many employees you will have, how many locations will you eventually reach, how much money your business will bepulling in and how much you and your partner will be paid in salary.
4.A specific, realistic and goal that will provide a stretch to you and that you want to set as the main goal for the first year of your business.
5.Set 3 impoortant goals you want to achieve within the next 30, 60 and 90 days of business that will support the big goal you have identified.
I thinking this simplified plan is really a good way to get started on planning your business. It provides direction to your new business without having to weigh you down with too much details.
It is a good planning tool also because the business environment is dynamic and you are free to change your plan as your business progresses.
For more details, refer to Young Guns: The Fearless Entrepreneur’s Guide to Chasing Your Dreams and Breaking Out on Your Own
