To successfully grow, you create a plan. Sure, you can muddle along as best you can without one. However, it’s much more effective and efficient to have a business plan written down to provide a visual plan of where you were, where you are now and your plans for the future.
Recently, eBay’s for Business Blog published an article on the importance of having a business plan in place, especially if you want to grow your business. They even go as far as challenging their Facebook fans to a seven week business plan exercise after having found that most fans that participated in a business plan poll did not have one in place. It’s a bit late for you to participate in the challenge along with everyone else, but it’s still a great exercise to do on your own. It’s helpful if you schedule the same day and time every week to complete each section.
The seven weekly sections are as follows:
- Week 1: The Executive Summary
- Week 2: Company Description
- Week 3: Market Analysis
- Week 4: Organization and Management
- Week 5: Service or Product Line
- Week 6: Marketing and Sales
- Week 7: Financial Projections
For more details of what goes into each section of your business plan, visit the Small Business Administration’s web page on creating your business plan.
Barbara E Anderson