![]() |
|
![]() |
|
![]() |
|
![]() |
WHEN you are operating or planning a small business that is seeking funding for less than five million dollars, it's wise to consider writing your own plan.
WHY you are the best qualified. You probably have superior knowledge of your target market, prospective customers and your product or service. If not "superior," at least, you have adequate knowledge. You are probably resourceful enough to find the necessary data and general information.
Are you planning to write a novel or describing a set of business conditions and functions? Your descriptions need only to be accurate, factual and realistic. You are equal to the task if you know how to construct simple sentences. There's ample free or inexpensive advice available to edit your writing output. Good writing results from re-writing.
Many of the business plan guides available in your local community are free. There are plan writing coaches with reasonable rates and arrangements.
Compare the benefits from writing your own business plan with the costs and shortcomings of a plan written by a third party.
1. Personal development is a spinoff from your investment of time and energy. Being able to write a plan is a valuable management skill that remains with you.
2. During the writing process, you create additional ideas and variations. Your pride in your accomplishment will be apparent to your readers and others.
3. Your composition is easier and less costly to revise. Business plans are noted for quickly becoming out-of-date because data, circumstances and events are ever changing. Different lenders or investors have varying requirements and almost all request some alteration or additional information. Suggestions from associates and reviewers are easily inserted. Your visions remain adjustable and flexible.
4. Confidential data remains in YOUR files where you can easily access it for applying to other purposes.
5. You are more aware of discrepancies or inconsistencies which you can defend or correct. Your investor or lender may be able to supply privileged information such as economic analyses, highly protected marketing intelligence or pending legislation.
6. Ease in converting into internal project plans increases your return from your major writing investment and reduces "re-inventing the wheel" for subsequent projects or plans.
Writing your own business plan requires a little courage. If you are operating or planning to operate your own business, it's a good bet you've got loads of that! The next requirement is time. Study the benefits listed here and I'm sure you will manage that accordingly.
Gerry McRae offers advice, coaching and guidelines for writing business plans on his website, http://www.UncleMaxSays.com. He has written his own business plans for several successful enterprises and has coached hundreds of students and practitioners in writing plans.
Lance Armstrong this week won an unprecedented 7th Tour de... Read More
You need to be visible to attract customers, right? But... Read More
A Private Investigator is a professional trained in the art... Read More
Incorporation in Nevada has become an attractive option for savvy... Read More
One of the greatest pitfalls in e-commerce is Field of... Read More
Many government department heads are on the take. Oh they'll... Read More
Think of your business as a living, breathing, organism. It... Read More
Opportunities for home show businesses have never been more abundant.... Read More
"If at first you don't succeed, then skydiving definitely isn't... Read More
Where would a business be without a business plan? A... Read More
Car Wash Crime in the Hood. Apparently not everyone is... Read More
You are selling your small business (business value under $1... Read More
Small business owners can relieve a lot of their own... Read More
What's your job profitability? I meet with business owners every... Read More
Deciding to start your own franchise is just one of... Read More
I am simply amazed at the problems some of my... Read More
The stock market is still on a wild roller coaster... Read More
Ok, so next to the taxman, your company payroll department... Read More
We are noticing an increase in the length of time... Read More
Car wash businesses are unique to other businesses. In fact... Read More
Setting priorities in your business? Your first job is to... Read More
One of the major complaints in the QSR Quick Service-Fast... Read More
The resume writing service serves an important role in the... Read More
Until the day I learned to play chess I loved... Read More
What is the best time to expand a mobile car... Read More
If you have a busy private practice, chances are you... Read More
There are countless ways to save your business money. Unfortunately,... Read More
Don't you find that there are so many decisions you... Read More
If you own a small business, then you know the... Read More
In the 2003 Auto Laundry News Survey it was determined... Read More
I have to admit, I was curious. When I saw... Read More
Want your small business to flip instead of flop?! Statistically... Read More
The goals of businesses have undergone much evolution from the... Read More
One of the greatest pitfalls in e-commerce is Field of... Read More
I frequently give presentations at small business gatherings, providing me... Read More
One of the best marketing strategies a business or organization... Read More
The Service-Disabled Veteran-Owned Small Businesses (SDVOSB) is a program that... Read More
Q: I'm curious. What is the dumbest business question you've... Read More
The American system of business management has been admired and... Read More
One major issue not being addressed right now in the... Read More
SBIR Corner: FFP vs. CPFF contracts:In the SBIR/STTR world, the... Read More
If you are a small business and qualify to participate... Read More
CONSIDERATIONS FOR YOUR INTERN: Specify the number of hours the... Read More
1. TargetYou are not all things to all people. Decide... Read More
Sacred cows take a long time to die. We get... Read More
You can make your trade show experience much easier by... Read More
What is a Virtual Assistant?? A Virtual Assistant is that... Read More
If you're organized, smart, capable and willing to work with... Read More
There is a great deal of abuse going on in... Read More
So you want to get into the auto detailing business... Read More
Small Business Small Business |