Writing a Business Plan is Much More than You Think
Writing a business plan is often seen by some as just a formality when starting a business, but it should be much more than that. First time entrepreneurs have a great passion for their startup ideas that sometimes overrides the critical details needed to achieve a successful business model — -something a well-thought out business plan provides.
As an aspiring entrepreneur, once you begin writing a business plan you will realize that you are creating a snapshot of what you know about your business model and surprisingly you will learn what you don’t know. As you pursue the details of the plan, your entrepreneurial journey begins as you undertake the important early steps of executing your vision.
The plan and the critical outreach you undertake to complete it jumpstarts you into the business building process. You are committing to the never ending challenge of solving the “unknowns” presented in each stage of your venture. Therefore, you should tackle the development of the business plan with the same focus and intensity you will devote to executing it.
A big part of this is learning to face challenges head-on. To do that consistently you need to reach out to others who have more experience or better skills, avoiding the common entrepreneurial trap of relying too much on your own skills.
By following this process of identifying the problem at hand and then aggressively seeking out solutions from a range of sources, you are laying the foundation for a multiple employee business. You are engaging in the very essence of business building and the business plan serves as a both a preview and proving ground for it.
Focusing on the talent of others to fill the needs of your business has multiple benefits. It will save you time and therefore save you money. You will avoid the quagmire of details that bogs down so many entrepreneurs. Plus, as you progress you will strengthen your managerial and leadership skills.
The financial section of the business plan is a good example of facing an “unknown” since most founders do not have a financial background. When they reach this part of the plan they often come to a halt. What is needed instead is the founder to reach out for assistance. In this case it may be an accountant, a financial consultant or seek out free advice from the SBA or a local small business resource center such as an SBDC. Moving outside one’s own skill set and being resourceful is key to achieving long term business ownership.
So overall, a lot can ride on how you approach the business plan, as well as how you then execute it.
Read more about Why Small Business Owners Should Pursue Those Who Can Give the Best Business Advice
Jeanne is the Publisher of American Entrepreneurship Today, a web site dedicated to helping entrepreneurs and small business owners to succeed. She consults via AEP LLC., as a growth strategist, steering entrepreneurs through start up pitfalls, while identifying resources and opportunities that catalyze a venture to a greater level of success.
Copyright AEP LLC 2020
Originally published at https://www.americanentrepreneurship.com.
