Crafting Your Company Strategy

I’ll tell you two things a business plan is, and one it isn’t.A business plan can be a formal document you hand to some organization,ninvestor, or keep for internal company use. A business plan is also the strategy for how you will execute every part of your business. This doesn’t have to be a written plan. You can plan your business strategy in your mind. What’s important is that you have a viable and quality plan of action before you start your business, and not just plunge into a business blindly. Now, let me tell you what a business plan isn’t. Don’t think about it as a prerequisite to starting a business like a homework assignment that must be completed and handed in before you can start. It also isn’t something you have someone else create for you because you aren’t sure how to write it.And it certainly shouldn’t be your excuse to procrastinate on the actual work you need to do to start your business.I like to define the business plan as a cohesive strategy for your business that you may plan in your mind or in a written document that covers each major component of your business, how those major components will work well with one another, and your plan for executing those strategies.If you are not sure how to create an effective business plan and you are a first-time entrepreneur, learning how to plan your business is a very good first step. Learning empowers you long-term. You will be able to use what you learn about planning a business in your current business and every new idea in the future. As an entrepreneur, you must develop the habit of always learning and improving your skills and learning the skill of business planning should be high on a first-time entrepreneur’s priority list.It might also help to get coached on planning your business so you can learn faster by getting guidance from an experienced business person while you both work on your business plan together. But don’t just pay someone to write a business plan for you just to feel good that you have it. You must understand why every detail of your plan is in place.In an effort to make this book more helpful, as one of the extras in this book, I can provide feedback on your business idea or business plan. Since I can’t read everyone’s full business plan, please wait until you get further in the book and learn how to create the simple 3-sentence business plan. Send that to me and I’ll be happy to give you feedback and suggestions.