Did you know that American small businesses create most of the nation's new jobs, employ about half of the nation's private sector work force, and provide half of the nation's non-farm private Gross Domestic Product (GDP)? This statistic was recently reported in 2009: The Small Business Economy – A Report to the President.
2008 and 2009 have been incredibly tough years for many small businesses and their owners. Yet many have survived, and according to many sources, small businesses will be instrumental in helping our economy recover. Yet how are business owners to do this? Enter the infamous business plan.
When was the last time you looked at yours? It may be time to revise and review this essential document.
First of all, revisit your vision, your mission and your goals and objectives. Are these still viable in the current economy? Businesses are dynamic. Your goals should be refreshed often to accommodate for changes in the business environment. Develop concrete steps to help you obtain each new objective. Have a specific date for completion of your goal. This helps motivate you to take action immediately.
Next, you must take a look at your numbers. Does your business have a working budget? If not, you need to develop one. The cost of doing business changes regularly. Your budget needs to be updated annually to adjust for price increases. Without proper financial planning, it is difficult to operate cost effectively and to achieve your goals.
Finally, how are you going to set yourself apart from the competition? What does your brand look like? What sort of marketing and promotional activities will your business undertake? How will these activities engage your target markets? Utilize the technology available to spread your vision. Have a concrete plan for communicating with your customers. Implement this now.
In summary, a business plan organizes and controls the activities of your business. It should be realistic and kept fresh. This is a document written by you, for you. Perhaps you have enlisted the help of a friend, family member, or a professional to get your vision down. However it is essential to have one in writing and to review and revise it often. The key here is having it in writing.
The process of writing down what you intend to do helps you to convert your vision into a plan. This plan in turn helps you take the necessary action to drive your business in the right direction.
For more information contact Rachel Kupin at (760)730-1817
2008 and 2009 have been incredibly tough years for many small businesses and their owners. Yet many have survived, and according to many sources, small businesses will be instrumental in helping our economy recover. Yet how are business owners to do this? Enter the infamous business plan.
When was the last time you looked at yours? It may be time to revise and review this essential document.
First of all, revisit your vision, your mission and your goals and objectives. Are these still viable in the current economy? Businesses are dynamic. Your goals should be refreshed often to accommodate for changes in the business environment. Develop concrete steps to help you obtain each new objective. Have a specific date for completion of your goal. This helps motivate you to take action immediately.
Next, you must take a look at your numbers. Does your business have a working budget? If not, you need to develop one. The cost of doing business changes regularly. Your budget needs to be updated annually to adjust for price increases. Without proper financial planning, it is difficult to operate cost effectively and to achieve your goals.
Finally, how are you going to set yourself apart from the competition? What does your brand look like? What sort of marketing and promotional activities will your business undertake? How will these activities engage your target markets? Utilize the technology available to spread your vision. Have a concrete plan for communicating with your customers. Implement this now.
In summary, a business plan organizes and controls the activities of your business. It should be realistic and kept fresh. This is a document written by you, for you. Perhaps you have enlisted the help of a friend, family member, or a professional to get your vision down. However it is essential to have one in writing and to review and revise it often. The key here is having it in writing.
The process of writing down what you intend to do helps you to convert your vision into a plan. This plan in turn helps you take the necessary action to drive your business in the right direction.
For more information contact Rachel Kupin at (760)730-1817