Creating Business Plans: A Path To Success

Posted By on September 1, 2014

With entrepreneurship and small businesses becoming more prevalent than ever before, there has never been a better time to take the plunge, quit your job, and start your own company. However, this is often easier said than done — many people work longer days for less pay, at least in the beginning. However, if you believe in something strongly enough, that can make all the difference. A way of making the process easier is to create a business plan. Here’s how.

Remain Flexible

Many people create a business plan and believe they have to follow it to the letter. This is never the case. As a business grows, so will its goals and aspirations. The key to being successful is to remain flexible and make sure you can adapt to changing situations. A business plan that’s too strict won’t allow this, but one that is more open to interpretation will be much more useful.

Set Goals

The number one use of your business plan will be to help you remember what your goals are and how to reach them. While you may have to change your approach if one attempt fails, it’s a good idea to at least have the basics written down on your plan — especially if seeking out venture capital or outside funding of another kind. This proves to investors that you aren’t winging it and have put thought into how you’ll reach your destination.

Look Ahead

The standard business plan usually looks forward 3 to 5 years and sets a goal for what the business will be doing at that time. As this is the accepted model, it’s a good idea not to stray too far from this path. Just ask yourself: what do you want your business to be doing in that time? How would you plan to reach those goals?

Creating the Business Plan

There are a number of different ways to create a business plan. You can always refer to a guide and take a do-it-yourself approach, or you can hire an outside consultant to work with you. Hiring a consultant can be quite the expensive endeavor, however; business plans can sometimes become long, complex documents that take a long time to read and understand.

Despite the potential difficulty in creating a business plan, it’s still a very good idea to do so. The plan will help to serve as a roadmap as your business grows and prospers, and will help to keep you on track when the number of options in front of you becomes overwhelming. However, make sure to keep your plan flexible and remain open to the possibilities.