A Business Plan – A Living Document
In the last week I have had two situations where a Business Plan, for me, was the theme.
The first setting is an individual forming a corporation. This corporation would then partner with and a sole proprietor under a LLC. The second is someone developing a business he acquired.
I was asked, by the latter, what would a business plan look like? I thought this might be a good time to briefly review business plans because they are: often overlooked, fit a specific need and shelved, or are not understood.
The answer to the above interrogative is who is it for? To guide the entrepreneur, for bank loans, for investors, for clients, etc.
The important part of the plan is in the development of it. Valuable questions are asked of ourselves in becoming or continuing on as an entrepreneur. Do we have what it takes to develop and run a business? What are we offering as a business, what are the products/services, what are the benefits of what we offer, who are our customers/clients, how do we market it, how does it operate, where does it operate, who are we working with, what are the risks and the favorite – putting several financial reports together.
Once developed it is a guiding force in good times and the inevitable bad times. It is most importantly a living document that if used will evolve and continue giving insight into you and your business.
Jeanne Noël
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