Business Plan Development

The Purpose of Business Plan Development

Business plan development is considered a necessary evil by many entrepreneurs - it is the process of creating a document which will help them pitch to investors and lenders. However, funding aside, you will improve your chances of business success if you take business plan development seriously.

Planning Does Help

It is a simple "out" for entrepreneurs to throw their hands up, saying "If so much of business is about flying by the seat of my pants, reacting to opportunities and threats and they arise, and changing plans continuously, there is no reason to plan for my own purposes. Certainly, a plan will be required by funders, but that plan does not have to have any similarity to the tactics which are used in the end."

However, planning does help, even if the plan needs adjustment down the road. A plan can zero in on alternative strategies which might work and throw out those which do not fit the company's intended brand, customer markets, or competitive situation. Without a written plan, the company is in danger of trying out strategies which seem to make sense on the surface, but really lack a good fit with the company in the long-run.

Keeping the Team Consistent

Another major reason to plan is to keep all team members on the same track. Without a written guide setting out the mission and strategy to achieve that mission, different managers may develop their own ideas about the priorities of the company and end up working at cross purposes. To serve this purpose, the business plan must be shared between the managers at least. The managers must all work to pass on guidance to their staff based on the plan.

Setting a Reflective Tone

It is extremely easy for entrepreneurs and small business owners to be caught up in the action of running their businesses on a day-to-day basis and consider reflection on where the company has come from and is going to be a luxury. Being serious about business plan development from the outset sets reflection as a priority for the company, and a business launched on this foundation stands a better chance of continuing to use planning as a tool going forward. When taken in balance with action and awareness of the present situation, reflection and planning can serve the business well.

Eric Powers is associated with Growthink, a business plan consulting firm. Since 1999, Growthink business plan writers have developed more than 2, 000 business plans. Call 800-506-5728 today for a free consultation. Or, if you're writing your plan yourself, go here for more tips and advice: http://www.growthink.com/products/business-plan-template.

Article Source: ArticlesBase.com

From Engineer to Financial Analyst?
I have six years of experience as an engineer. (BS in engineering) As I wanted to change my career from engineer to financial guy, I obtained an MBA degree, finance as concentration. My first job after MBA was not in the financial industry, but a little close. I have worked as an administrator at a research institution. My responsibilities include R&D budget planning, R&D accounting, profit estimation, project controller, R&D strategy establishing, process improvement (Six Sigma), Business plan development, project evaluation, etc. Because of my personal reasons, I am going to move to the US from Japan and look for a job. I wonder what kind of job positions can be aligned with my background. Because I have experience in accounting, a MBA degree in finance, am quite good at numbers and excel spreadsheet, and have analytical skills, I am targeting the financial analyst position. Any advice?

Get the answers...

What is the best BUSINESS PLAN development software that is optimally priced for personal use?

Get the answers...

Would I be able to take the CPA exam with a Bachelor's in Business Administration?
This is the list of credits in the B.A. I might be pursuing... General Education English ( 6 Hours ) Including 1 course from: EN101 - Proficiency in Writing Humanities ( 6 Hours ) History ( 6 Hours ) Mathematics ( 3 Hours ) Science ( 3 Hours ) Social Science ( 6 Hours ) Including 2 courses from: SS101 - Microeconomics SS102 - Macroeconomics Core Requirements (3 credits each) GM229 - Accounting I GM304 - Business Law GM306 - Business Theory GM401 - Operations Research GM402 - Principles of Financial Management GM414 - Business Strategy MC300 - Principles and Theory of Management MC302 - Management Information Systems MC306 - Statistics MK300 - Principles and Theory of Marketing Concentration Requirements: (3 credits each) GM395 - Small Business Management GM404 - Fundamentals of Entrepreneurship GM480 - Entrepreneurial Opportunity Evaluation & Business Plan Development GM485 - Small Business Growth and Development

Get the answers...

Related Business-plan-development Videos

Bookmark/Share This Page:

ADD TO DEL.ICIO.US

ADD TO DIGG

ADD TO FURL

ADD TO NEWSVINE

ADD TO NETSCAPE

ADD TO REDDIT

ADD TO STUMBLEUPON

ADD TO TECHNORATI FAVORITES

ADD TO SQUIDOO

ADD TO WINDOWS LIVE

ADD TO YAHOO MYWEB

ADD TO ASK

ADD TO GOOGLE

ADD TO MAGNOLIA

ADD TO NING

ADD TO RAWSUGAR

ADD TO SPURL

ADD TO TAGTOOGA

Business Plan Development News

Small-business Q&A: Much to know about government contracts

Small-business Q&A: Much to know about government contracts Houston Chronicle Copyright 2012 Houston Chronicle. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Published 08:55 p.m., Thursday, May 17, 2012 The government is looking for vendors that can provide quality products or services and deliver it on time, all for a reasonable price. The ...

Is Your Side Business Legal?

Nellie Akalp is the CEO of CorpNet.com, an online legal document filing service, where she helps entrepreneurs incorporate or form an LLC for their new businesses. Connect with Nellie on Twitter or visit her free resource center.

Business calendar

Business calendar HOUSTON CHRONICLE Copyright 2012 HOUSTON CHRONICLE. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 12:26 a.m., Saturday, May 19, 2012 Pioneer Oil Producers Society: Search and discovery by Texas EquuSearch, featuring technology borrowed from the oil and gas industry. The Federal Trade Commission is cracking down on debt ...

Business Calendar for May 21

Riverview chamber meeting is Tuesday

Auckland Business Confidence Plummets

The latest Quarterly Business Confidence Survey shows Auckland businesses are continuing to be cautious and confidence in the general business environment and their own situation has almost halved since February.

Business Schools: Looking Local for a Global Reach

Prospective business school students from Brazil, Russia, India and China are increasingly exploring possibilities at home.

Business calendar for week of May 21

Business Calendar for week of 5/21/12

Business

Information Hub for Business

Business Plan Development

The Purpose of Business Plan Development

Business Plan Development News

Small-business Q&A: Much to know about government contracts

Is Your Side Business Legal?

Business calendar

Business Calendar for May 21

Auckland Business Confidence Plummets

Business Schools: Looking Local for a Global Reach

Business calendar for week of May 21