Imagine building a house with no plans!ÃƒÆ’Ã¢â‚¬Å¡Â The construction crew would have to guess where the foundation is supposed to go andÃƒÆ’Ã¢â‚¬Å¡Â the plumbers would have no idea where to lay pipes, so they could potentially put a bathroom in the middle of your kitchen.ÃƒÆ’Ã¢â‚¬Å¡Â Not to mention what would happen with elecrical work or the sheetrocking. What a recipe for disaster!!
So I ask you this question:ÃƒÆ’Ã¢â‚¬Å¡Â Do you have a goodÃƒÆ’Ã¢â‚¬Å¡Â plan for your business?
A good business plan has a set of business goals that are attainable and believable, asÃƒÆ’Ã¢â‚¬Å¡Â well as how you will reach these goals. ÃƒÆ’Ã¢â‚¬Å¡Â The clearer the business plan and goals, the greater your chance of profitability.ÃƒÆ’Ã¢â‚¬Å¡Â If you fail to have a clear picture of where you want your business to go, you will just onlyÃƒÆ’Ã¢â‚¬Å¡Â be surviving in your day to day business.ÃƒÆ’Ã¢â‚¬Å¡Â This plan will help build a strong foundation for your business.
It is important that you know your customers and clients when making a business plan.ÃƒÆ’Ã¢â‚¬Å¡Â Declare the vision you have for your business as well as different strategies that will help achieve these goals.ÃƒÆ’Ã¢â‚¬Å¡Â These strategies can include legal plans, marketing plans and financing.ÃƒÆ’Ã¢â‚¬Å¡Â Also, it is always nice , but it is not necessary, to include some information about your team of people.
There really is no set way to write a business plan, so make it your own, to fit your business and your customer base. Customize your business plan just like you would your house plans.
Next week, we will bring you back to your school days whereÃƒÆ’Ã¢â‚¬Å¡Â we willÃƒÆ’Ã¢â‚¬Å¡Â discuss the importance of writing a good summary for your business plan.
David W Huff, CPA, PFS, MS is a partner at Person CPA Group. He provides clients with tax preparation and consulting services, accounting services, retirement plan and benefit consulting, accounting software technical support and training, and management advisory services. His specialty is helping new businesses organize their operations to maximize tax savings and move quickly from start-up to profitability.ÃƒÆ’Ã¢â‚¬Å¡Â You can reach David by email at:email@example.com