READER’S POLL: Do You Have a Fully Developed and Written Business Plan?
We’ve noticed a common thread among our most successful business clients. Similarly, there is a common thread among struggling business owners. It seems too simple to make such a profound difference, but the most successful business owners have it; while those who struggle the most, don’t have one of the most necessary and basic tools for their business… A fully developed and written business plan. Because it’s so important to the success of your business, we decided to see how many of you business owners are working without a plan.
Do You Have a Fully Developed and Written Business Plan? |
If you answered…
“No.”
If you don’t have a business plan in place, then you’re flying blind. You and your team are going to be stuck making “snap” decisions as each new challenge arises in your business. Although it’s a time-consuming and difficult process, drafting a fully developed business plan gives you and your team the blueprint to reach your goals. If you’re unsure of how to begin this process, this article is a great place to start.
“Yes, but I haven’t reviewed it since it was written.”
We are thrilled to know that you have, at least, a basic guide to refer to. However, the most successful business owners review their business plans, regularly, ensuring that they have trimmed what doesn’t work and updated the goals, vision, and direction of the business. Find more guidance on how to review and update your plans, here.
“Yes. My business plan is comprehensive and undergoes regular review.”
This is fantastic! With a fully developed and written business plan that is regularly reviewed, chances are, you’re on the right track. However, you can always work to improve the value and sellability of your business. It seems you already understand that proper planning can take you far. But did you know it’s a crucial part of preparing your business for its eventual sale? Find out more about why it’s value, not profitability, that really makes your business attractive to buyers here.
As always, the Financially Simple team is happy to help with your business plan creation and review. Likewise, we would love to work alongside you, helping you grow the value of your business and preparing it for an eventual sale!