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So, you’ve started a business. Perhaps it’s a side hustle you do in your spare time. Maybe it’s a hobby that has grown into something more profitable. Perhaps it’s a full-fledged business you want to grow. But that doesn’t necessarily mean you’ve positioned yourself to be as effective as you can be. Success happens only if you have a plan. A business plan. Did you feel a shiver run down your spine? That’s no surprise. The
72 PREVIEW 918 OCTOBER 2019
THE IDEA OF CRAFTING A BUSINESS PLAN OFTEN GIVES NEW BUSINESS OWNERS A SENSE OF DREAD, EVEN IMPENDING DOOM. BUT IT’S NECESSARY. By Michele Chiappetta
idea of crafting a business plan often gives new business owners a sense of dread, even impending doom. Doing strategic planning isn’t high on many people’s lists. But it’s necessary. Yes, you read that right. These days, it may be common to hear people say business plans are out of date, old school, or unneeded. Others say you only need a business plan if you’re looking for a loan or investor funding. But there are plenty of other advantages to writing
down your vision, setting some goals, and establishing strategies that can help you move forward in business. Here’s a look at some of those advantages, and how you can use them to help your small business soar in the coming year.
WHAT EXACTLY IS A BUSINESS PLAN, ANYWAY? A business plan is an overview of where you’re going. It’s something you put in writing, spelling out your business goals, the methods
you plan to use to reach those goals, and the time frame you’re giving yourself to accomplish those goals. There are several forms this type of strategic plan can take. You can make it lengthy and detailed, or big picture and limit it to one page. The point, though, is to make it tangible by putting it on paper in some form. In a sense, it’s a lot like an entrepreneurial application of the adage, “Write the vision and make it plain so that people can pursue it.” If you