FAIL TO PLAN THEN PLAN TO FAIL: THE IMPORTANCE OF A BUSINESS PLAN
Fail to Plan then Plan to Fail: The Importance of a Business Plan
Recently, I hired a business consultant to assist me in creating a business plan for a new company I am launching soon. I have been working on this endeavor for over a year and have detailed out several aspects of the company. Then I started asking myself “What am I missing?” I knew that I hadn’t thought of everything, nor do I think I will, but I wanted someone to “poke holes” at my plans. I wanted to work with someone who is objective and has the cajones to challenge my plans and point out weaknesses. I didn’t want a “yes” person.
After the initial meeting I knew I was working with the right person when my plans looked like Swiss cheese at the end. I had some serious work to do before going forward.
Ultimately, designing my business plan helped lay out the ground work and prompted me to ask important questions about my business like: Is there a need for this? Who is my target market? What is the competition charging? Now that I have a more clear picture of what I want my business to be it is easier to see what steps I need to take to get it there.
Having a business plan is not just important for starting new companies. Every company needs one in place and should revisit it every 90 days. Times to develop new business plans include new growth initiatives, expansions and new divisions. Business plans set you up for success and as the saying goes “He who fails to plan, plans to fail.”
Warm Regards,
Mary Marriott
President of Just Ask Mary
Serving Henderson & Las Vegas Nevada