“6 Questions You Should (Really) Ask Before a Business Plan” 

Small Business Coaching Houston



“Plans are nothing; planning is everything.” ― Dwight D. Eisenhower, former U.S. President

     That rings so true in life, doesn’t it? However, in your business that could take a different turn. You may already know starting a business can be thrilling. You could become adventurous. You could take risks. Sometimes, you might want a cushion. That’s when a Business Plan could come handy.

     That’s not the only time you’ll need one. Once you start your business, doing all the work without any help or advice can become exhausting. You could gain from hiring a small business coach near you. That coach could help you put a business plan together. You work with the coach regularly. And soon you will reap the rewards for your work.

small-business-coaching-houston-business-plan

      

      Now let’s look at 6 questions every small business owner asks before writing a business plan or hiring a business plan writer. 

1) When should a Business Plan be written?

       The quick answer: Write the business plan before you start your business. And it’s okay the first time if it takes longer than you’d expect. If you feel more comfortable, you could hire a business plan writer. Your investment will pay off. For aspiring entrepreneurs, get your fundamentals right. Get to know your reasons for plunging into business. I mean ask yourself why you want to do it. Strategic planning is a different step in business. Even with overlap, a business plan is a subset of strategic planning. With the help of a small business coach, you can create a simple strategic plan. It will benefit you and your team.

     Write your business plan when you want to get funds from a bank. Write a business plan also when you want funds to grow once you are in that phase. 

     Another phase to write your business plan is when you get ready to sell your business. It will give you data that shows your business value. You will now know your business worth. And that’s one measure in setting your selling price. Since a business plan is about the future, your prospective buyer will thank you for sharing your vision of his future. And he or she might possibly make you an offer for your business.

     Finally, write a business plan when the market shifts and disrupts your business model. This could happen when you suddenly could be selling to a different market. Or, you could use a different method to sell your goods or services. That’s exactly when a business plan will help your team to connect with your business. You will end up with a boost to the morale of your team. That in turn will boost your company’s growth.

2) Why is Business Plan important?

      As you have seen the reasons for writing the business plan, its importance is amply clear. Creating funds or evaluating your current state sends different signals to the market. You could build, borrow or buy. 

      Mergers and Acquisitions (M&A) are necessary for the future of any business. That’s when you are buying another firm. Alternately, some other firm might offer to buy yours.

3) What should Business Plan include?

     Every business plan could make your business a future success. Typically, it includes:

  • the business idea
  • the overall plan and your actions to realize them
  • your services and goods and your unique selling point
  • markets and reasons for choosing them
  • your management staff and employees
  • your funding needs

     You will realize that your credibility is most important in a business plan. It is a sum of facts, projections and practical forecasts for profit. Your passion is not the reason someone is going to give you a loan. It is their belief in your credibility that will turn in your favor.

3) What should Business Plan include?

4) Where to start a Business Plan?

     Start a business plan where and when you are ready to commit to yourself. That’s right. A business plan has an understated benefit. It holds you accountable to what you promise to do. And you know by when you plan to do it. If you aim for $2 million in revenues by year 2, that’s what will drive you. That becomes your goal.

     You could start with sales and work backwards. You could also start with the number of services you’ll offer or the goods that you’ll produce. It is about going from point A to point B. You have to know your point B.

5) Will a Business Plan guarantee success?

     As we discussed, a business plan is a way for marketing your company to investors, suppliers, customers and even employees. It is not an assurance plan or a plan to guarantee success. It will however have the ability to guarantee you a way to hold yourself accountable. You will also have others who have invested in your business remind you about where you are. And they will ask you questions about why you are where you are. They want you to succeed. 

     Could you be successful without a business plan? You could. But you may cut yourself short of what you potentially could achieve with a business plan. Why would you want that? Aim high instead. Work hard. Work smart. And you will reach your goals with a detailed business plan. If you find it hard to do it all yourself, don’t sweat it. Hire a small business coach in Houston. It will save your day. And it could get you moving to your goals quicker than you imagined. Now, isn’t that what you really want?

Want even faster results? Are you ready to discover how? Schedule your Explosive Business Results session now.

Written by Suresh Iyengar, P.E., President, Business Unit Execution LLC––“Explosive Business Coaching Houston Results For Small Business”. Want even faster results? Are you ready to learn? Call 281.410.5375 and speak to your Profitability Coach Houston

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