I have a business idea! Do I need a formal business plan?
I think I have a great idea for a business and would like to get going with it. How important is formal business plan?
Pete B. Stillwater, MN
Dear Pete:
That’s a good question. I’d say that you should put some effort into a business plan.
Some business people simply start their business without a well-crafted plan and do okay. However there’s been studies that people who have a more comprehensive business plan are more profitable in the long-term than those that don’t.
A. You should be clear about your purpose, ( One that calls out to you and your employees.) B. What is the value of your product or services to your client.? (Understand the niche you serve.) C. Get commitment or buy-in from your employees or team. D. Execute your plan with deadlines and clear goals. Maintain flexibility since success requires constant innovation. Flexibility does not mean to constantly changing your business plan but staying focused on what counts in your business.
If you plan for success, you dramatically increase the chance to realize that success.
Joe R.
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