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September 6th, 2007

Business Plan Hints

For those of you who are contemplating entering b5’s “Jump Start Your Business” contest BusinessWeek’s Business Tools and Advice section has;

Top 10 Tips for Writing Your Business Plan

1. Create A Vision - “Once you have a clear road map for your business, you can plan your journey with more confidence.”
2. A Budget Isn’t The Same Thing As A Plan - “A budget should be the product of all the other elements in your plan.”
3. Don’t Ignore Your Customers - “Take the time to learn about your customers, and build your business plan around their needs and desires.”
4. Don’t Shortchange The Competition - “If you assume your firm will be the only game in town or if you fail to take existing competitors seriously, you’re asking for trouble.”
5. Be Prepared To Take Risks - “Creating a business plan isn’t about avoiding risk; it’s about understanding and managing risk.”
6. Get A Second Or Third Opinion - “The most experienced entrepreneur can still benefit from a different point of view.”
7. Expect The Unexpected - “Every business plan needs some wiggle room to allow for unexpected changes.”
8. Don’t Forget What Makes You Unique - “A cookie-cutter business plan might help you get started, but it won’t help you succeed.”
9. What’s The Point? - “When you set goals in your business plan, include some concrete motivation that goes beyond the satisfaction of a job well done.”
10. Don’t Skip The Plan! - “The biggest mistake of all is failing to create a business plan in the first place.”

There’s a good deal more at the BusinessWeek site so click through and check it out.

Hope this helps…

By Mark -- 3 comments