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    1 Reply Latest reply on Oct 2, 2009 8:05 AM by LUCKIEST

    A good business plan

    MorgenGroup Newbie
      Hi Members!

       

      Over the past few months, I have had the opportunity to talk to several business owners varying in industry. A few of these were just starting out, as others were in the process of closing their doors. During our conversations, the state of the economy had come up, and I had asked each of them how it had effected their sales and Profitability. Well, for those white washing their store front windows, it was evident the toll the economy played. And for business owners who were fortunate enough to still be weathering this storm, they all admitted that they thought the worst to be over, but that they were still flat.

       


      Interestingly enough, not one of these business owners had modified their existing business plan to reflect the changing economy. I questioned this as I further discovered that a couple business owners had survived this long without writing one at all.

       


      My question to other members, can we successfully operate a business, especially today, without a business plan?

       


      I've encourage all business owners to outline their ideas and draft a business plan. Now I realize that sitting down and writing a business plan is far from fun. But it's crucial to have one. If you don't believe you'll have time enough to put fingers to keyboard, there are plenty of services found locally, and on the web, that will take your outline and polish into a well structured plan.

       


      I also recommend to business owners who have been in business for a few years, to dust off their original business plan. Yes, this will require you to dig it out from the bottom of your filing cabinet and update it with your new "leaner" operating structure that has been forced upon us all thanks to, what's that word?, recession.

       


      But the argument still stands; do we as business owners still need a business plan in order to remain solvent? I'd like your feedback.
        • Re: A good business plan
          LUCKIEST Guide
          A good business plan, Yes Robert, I agree with you completely.

          Preparing a business plan forces you to think through every aspect of your business. The bus plan also serves as a tool you the owner. As you work your way through the plan, you reaffirm the viability of your ideas.

          As the business grows and or changes, the plan will help you keep track of the details and makes sure the business proceeds as you intended. The plan is like a road map to success.

          LUCKIEST
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