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Your New Business Plan

Every new business needs its goals and strategy sketched out. The best way to structure your thoughts is through writing a business plan—a process that may take you longer than 30 days to complete. When you create your new business plan, you go through the process of deciding what you want to do and how you plan to accomplish your goals. According to Danette Richards, director of small business development for the Mobile Area Chamber of Commerce, “The real value of developing a business plan is in the process of researching and thinking about your business in a systematic way.”

Richards urges new business owners to realize that there isn’t a single formula for creating a good business plan. “All business plans should include information about certain key areas, but each plan will be different because each business is different,” she explains. “The key areas that should be addressed include: a description of the business; marketing and sales strategy; management and personnel; and operations and financial projections.”

The purpose of the business plan is to map out a course for success and keep your attention focused on getting the new business off to a promising start. “Excitement is a great thing for a new business owner to have,” says Steven S. Little, senior consultant for Inc. magazine and author of The 7 Irrefutable Rules of Small Business Growth. “However, being excited and being blindly optimistic are not the same things.” That’s why planning is so important, he says.

Little urges new business owners not to fall into the trap of being sidetracked by distractions. “Once you start moving toward opening your own business, there are a ton of things that need to be done,” he explains. “Some of them are fun. Some of them are less enjoyable, but are still necessary.” He explains that new business owners tend to become distracted by the fun things associated with opening a new business—like designing a logo and selecting office furniture—when they really should be focused on the business’ planning and structure.