The #1 Mistakes Business Owners Make
Many times, people enter into business with the greatest of intentions
. They have a passion or a specialize skill that they believe they can put into a business model and begin to offer their services. Unfortunately, many entrepreneurs make a fatal mistake and do not go through the necessary activities to ensure long term success.The number one mistake entrepreneurs make is not having a plan. Most think that they do not need to put together a business plan or believe that they need a long, comprehensive business plan resulting in them opting out of the exercise completely.
Most jump into their business venture with an idea and a passion and move quickly into the day to day of running a business rather than taking the time to properly plan and strategize every element of their business that would support growth and sustainability.
The simple act of developing a business plan forces entrepreneurs to think about key elements that will impact their business from defining the product or service being offered, the demographics or customer base your product or service will be targeted towards, the competition in your area, opportunities for growth and not to mention the financial projections and cost estimates.
As businesses go through the five stages of growth, a business plan will assist the business owner in making early decisions that will yield long term success.
A business plan should be an evolving process and used over and over again as a tool to support growth, creativity and resource alignment and does not need to be a long document. Many successful businesses use a one page business plan template that has proven to be quite successful. The goal is to get involved in creating a process that you revisit often.
In today's market, there are many professional who are well equipped to assist you with putting together a plan, not to mention numerous do-it-yourself software applications such as wwww.buisnesspro.com. These plans are only as good as the information and forecast you put into it so it is extremely important that you remain objective and to use this as an opportunity to uncover potential obstacles that you may need to overcome. It is also a good idea to solicit the help of trusted advisors to review and comment. They often will uncover aspects that you may have missed or need to elaborate, or point out unsupported assumptions that need to be addressed.
A solid business plan can be the blueprint for operating your business for the first few years of business and support any requirements of creditors and lenders who may require that you have one. Your financial projections can act as your first year's budget and a guideline for spending and investing your cash. More importantly, a well thought out plan with independent review will become the roadmap to success.
Kellie D'Andrea & Associates
by: Kellie D'Andrea Mirrors The Most Experienced Team In The Auto Parts Business. Tools For Your Gourmet Kitchen Fear Fighting Is Cash Gifting The Right Route For Me? Cash Gifting Staying Ahead Of The Curve! Importance Of Arthritis Medication Make Money From Online Business Through Social Media Issuing Warrants To Investors Common Stock Equivalent Most Writers Time To Get Paid For It Net Marketing Solving Corrective Action E Book For Sealing Your Book Idea Is The Next Best Seller