Tuesday, October 18, 2016

Business Plans

Do you need to write a business plan before launching your new business? Is regular and on-going planning necessary for the success of your exiting small business?

Entrepreneurs often find themselves muddled by trying to write a traditional and formal Business Plan. Often, that lengthy plan is not read by anybody other than the entrepreneur after which it simply gathers dust on a shelf. Or at best, a lender might give it a requisite glance and it's checked off the endless list of documents to be produced for the bank's review.

The Lean Canvas approach to summary plans has received lots of attention in recent years, and it's certainly an option for true "start-up" launches - businesses ideas that lend themselves to development through feedback loops and iteration cycles. But in order to properly and thoroughly plan for a typical business, a traditional business plan may still be the best option. 

Busy small business owners are often distracted and focused on the day-to-day issues and challenges of their business. It takes considerable discipline and planning to set aside time to on a periodic basis to strategist about the direction and growth of your small business.

In episode 48 of The How of Business podcast, we chat with Peter Mehit who is an expert on the topic of Business Planning. His company, Custom Business Planning & Solutions, specializes in helping small business owners with developing effective business plans, on-going strategic business planning, and helping entrepreneurs solve their business challenges. 

[Listen on iTunes[Listen on Stitcher]

Peter has helped his clients develop over 600 Business Plans! He advises that an effective plan should answer four essential questions about your proposed business idea:

  1. Who is your customer?
  2. How will you reach your customer?
  3. How will the business be structured and operated?
  4. What are your financial projections?

Read more at the Show Notes Page

 The How of Business Podcast show is focused on helping you start, run and grow your small business. Co-Hosted by Henry Lopez and David Begin, we discuss small business topics and interview other entrepreneurs and professionals.

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