Thursday, February 19, 2015

How to Use a Business Plan to Adapt and Succeed

How to Use a Business Plan to Adapt and Succeed


Don’t Operate Your Business Blind
Operating a company without a well developed business plan is just like operating a car blindfolded, driving down an expressway in LA.  You wouldn’t blindfold yourself and drive down a busy expressway would you?  Why would you do that with your business, future and money? If you don’t know where you are going (i.e. have a roadmap), then how do you expect to get there?  Do you want to leave to chance? To sheer luck?
Running, expanding or starting a business without a business plan or using a Business Plan Guide is like trying to drive from New York to Chicago for the first time without a roadmap or MapQuest!  A Business Plan gives you a path to follow, otherwise, you are just guessing.  In running or starting a business, the learning curve is short before you run out of resources and are forced to close.  Therefore, a business plan helps you set up a sound framework, model and strategy ahead of time, as well as, address potential problems and threats, so that you can capably run a business. 
A Business Plan is a Step by Step Roadmap to Success
A Business Plan is an actual guide to starting, getting, funding, expanding, building and managing a business.  It is a step by step process that will guide you through the complexities and intricacies of building a successful company. Business school will teach you something about business planning, an MBA will teach you a little more, a Business Plan Book can provide some good direction, but most good business planning experience comes from doing and learning from others who have gone before you.  As a Business Plan Consultant, I know this all too well. Be sure to find a good business plan mentor!
Using a Business Plan to Raise Funding
If you need to raise funds for your business venture or project, a well thought out Business Plan is the very best tool available to reach the mix and amount of funds your business requires.  A good business planning process will actually determine and design financial structures which specifically address your funding requirements. Utilize a planning process to develop and design a financial structure customized to your particular company’s requirements.  When times are tough in your business, industry or loaning market, a good funding plan will give you a fighting chance of obtaining the badly needed funding.
Business Markets and Situations Change Daily – The Business Plan Needs to Adapt
Nothing stays the same from one day to the next in this global, fast tracked business world.  Because of this constant change, your business will quickly fall behind and suffer without having a good business plan in place.  A Business Plan Workbook puts a system in place to identify and address changes in the market place so you can proactively seize and turn them into opportunities.  Without a forward thinking system in place, changes in your market place can quickly become insurmountable problems and obstacles.  A business plan empowers you to deepen these changes into opportunities and increased profitability.