One of the worst pitfalls for the small business person is “Over-Eagerness” and this causes a person to skip very important steps in preparing oneself for the unforgiving world of business. And the world of business is definitely unforgiving – Just ask G.M.
I have also mentioned earlier that one of the keys to success in starting a small business is to HAVE A GOOD BUSINESS PLAN. And the SBA can help you with this. If you take a moment to go to their “Small Business Planner” that explains how to write a Business Plan, you will find some invaluable information.
I don’t believe in wasting time, and one of the biggest wastes of time is “re-inventing the wheel.” So, I am not going to recite what the SBA has already made available to you (Your tax dollars at work – really!) At this page, if you are willing to put in the time, you really can learn how to put together a very effective Business Plan. And effective Business Plans can help to capture financing.
In its introduction, the SBA gives some very helpful tips, like:
“A business plan should be a work-in-progress. Even successful, growing
businesses should maintain a current business plan.”
“[K]now
everything you can about your products or services in order to persuade someone
to buy them.”
“To become an expert (or to fine-tune your knowledge
if you already believe you are one), you must be willing to roll up your sleeves
and begin digging through information.”
And then the site provide links to the various elements of the Business Plan so as to walk you through, step by step. These elements include:
Executive Summary
Market Analysis
Company Description
Organization
& Management
Marketing & Sales Management
Service or Product
Line
Funding Request
Financials
Appendix
Yes, that’s right, the “Appendix.” That one might have gotten under your radar but if you read the SBA website – that you paid for with your hard earned tax dollars – you will learn why the Appendix is an important part of any business plan.
So, enough for now, and I’ll see you on the other side of the SBA’s guide on how to write an effective Business Plan - found at this link.
