Thursday, March 12, 2015

Why Online Sellers Should Consider a Business Plan

When you have a goal, most times it’s helpful to have a plan in order to reach that goal. Whether it’s to increase sales, loose a few pounds, or even to just drive to the store. You know that the easiest way to get to the grocery store is to take that right at Miller, left at Main, and straight past the post office on the right side of the road. The same can be said of owning and operating a business.

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
Marketing Coordinator