Do I Need a Business Plan?

I encourage all of my clients to draft a business plan on two occasions:  1) when first starting a business and 2) when expanding or after three years in business.  In fact, I typically won't meet with new business owners that don't have a plan in place.  Why?

A plan doesn't have to be a formal, mumbo-jumbo type documents with references to executive summaries and other corporate terms.  A plan should be useful for the business owner and act as a roadmap and target.  After all, if you don't know where you're going, how can you possibly get there?

A plan will help to refine business goals and establish financial viability.  Yes, many of the numbers you will initially plug-in are total guesses, but you have to start somewhere.  When you re-visit and re-draft your plan after three years, you'll have real data to relay on that will help you expand your business.

Many owners struggle with what information or data to include.  A resource I recommend to all of my clients and that I personally use is Live Plan. 

I personally love Live Plan because it lays out all of the necessary categories and financials in an easy to follow way. I never have to guess at what numbers to include and there's even a section that helps me develop my marketing plan.

If you're starting a business or expanding your business, it's time to consider a well thought out plan.

*any links to Live Plan are my affiliate links.  I've used this software myself for several businesses after a client told me about it years ago.  I may receive a commission if you sign up using my link.

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