Having a plan to make a profit is important, but it's far from the only thing that matters when you start a business, experts say. encourage entrepreneurs to focus on what they are going to do," said Alan Williams, co-author of "The 31 Practices" (LID Publishing Inc., 2014).
"This overlooks two more important questions: 'why' – why it exists and why employees would want to get out of bed in the morning, and 'how' – the values of the business, what it stands for, how people representing the business will behave." Williams noted that entrepreneurs should take time to identify and articulate their business's core values and purpose, which will serve as your organization's compass for decision making at all levels.
Jennifer Post graduated from Rowan University in 2012 with a Bachelor's Degree in Journalism.
Having worked in the food industry, print and online journalism, and marketing, she is now a freelance contributor for Business News Daily and
What would you advise we do, if not hire someone to write the business plan and do the projections?
I put this question in the “check your assumptions category.” I have yet to meet any entrepreneur that doesn’t “have the core skills to write a clear and coherent business plan.” There are a wide range of “business plan writing” products – including many free or inexpensive web resources or non-profit organizations such as SCORE that provide resources for small business owners. At one point, it was an entry point for discussion with most funding sources (angels and VCs).
The key to business success is having a clear vision of what you want to accomplish as a company, experts say.
But before you write a business plan, you should come up with three to five key strategies that will enable you to achieve that vision, advised Evan Singer, CEO of Smart Biz, a provider of SBA loans. "It's far better to do three things very well versus 10 things not so well." Tied in with building the vision for your business is also putting together a mission statement.
" "If you are unable to answer the question, you either have the wrong target market of the wrong offering," Leboff wrote in a blog post.
"In this case, more work will need to be done before you start targeting your potential customers." If what you offer isn't the most attractive to the type of client you want, you may need to change your offering or define your target market differently, Leboff added. " Simply writing a business plan will not make your organization successful, but it does give you a road map to get there.