According To Plan: Part 6 Start Your Small Business Now

You already know what you want right? Then it is time for you to get going. First, MAKE A PLAN! In business, it's making a BUSINESS PLAN. If you wanted to succeed in your small business then make a plan. Don't know how will you make a plan? Then continue reading this series of Start Your Small Business Now by Entrepreneur Magazine Philippines.

ACCORDING TO PLAN

Make and stick to a business plan, to keep operations focused on your goals and targets.

THE BUSINESS PLAN, together with solid market research, is the foundation of any business. The business plan outlines your company's direction, brand values, identity, and how it would operate in order for the business to become a success. A business plan also helps keep you focused and centered on your business goals and targets as your business develops and grows.

Having a business plan is an ideal way to start a business, for it ensures that you're not leaving anything to chance. This makes your business attractive to investors and lenders, who look at this document to see how viable your business would be in the long run, before sinking their investment pesos into your venture.

Undertaking and actually writing a business plan could be intimidating to some entrepreneurs, especially those who have no business background. However, one should not be daunted by the task, since the language of a business plan does not need to be technical. Remember that a business plan is basically a list of your business strategies and objectives, assets and resources at hand, and the best methods for your company to become viable and generate your desired profits.

Your plan can be as simple or as complex as you want it to be, but for your investors' sake, do keep it understandable and not too wordy. It should include the name and description of your business, a vision statement, business profile, your products and services and key people; a description of the economic environment and how you intend to steer your operations through possible turbulence; a marketing plan and evaluation of competition; and a budget, including a cash flow projection.

Continue on Part 7 of Start a Small Business Now: STEPS TO MAKE YOUR OWN BUSINESS PLAN.

Rewrite from Entrepreneur Philippines

January – February 2010 issue. All rights reserved.