Employing A Business Plan?

WNYcarpenter

I love picking your brains, there's a lot of experience and insight amongst you all! I have a million questions so please bear with me. I have another.....

Do many of you employ a formal business plan? A year ago I contemplated going on my own so I did a little research and thought the most prudent way to start a business was to draw up a formal business plan. That way I would be better able to get financing, set goals, and keep focus. I checked a book (more like a workbook) out of the library on the subject. After reading, I can certainly see how sticking to your plan gives you the best chance of success.

I'm not sure self employment is the right route for me, but regardless, I am curious if any of you employ a business plan, recommend it, wish you had, or hogwash?

Boogga

I do. The business plan is your bible so to speak, it keeps you in focus and on target for you future business goals. Yet your business you're in (or your business's future) changes everyday, so the Business Plan must alter with it due to changing environmental conditions. I believe it is essential.

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"It's better to die on your feet than to live on your knees"

Luke

An absolute essential part of your business but even more than having the plan itself is re-visiting the document on a continual basis so that you remain true to the goals of the firm. Promises are easy to make, it is the fulfilling of the promise that takes the work and in the end will dictate success or failure.

Grumpy

While I do have a business plan, I consider to be formal, I do not have a business plan that a banker would consider formal. The banker's business plan is a clunky pos in my opinion... however a good business plan will lay out your goals and identify a strategy to achieve those goals. In addition to a business plan I also have an employee manual, and a marketing plan.

If you don't have a plan of some kind you are flying blind.

If you intend to borrow a large sum of money you need a formal "banker's" business plan.

marc

We do have a business plan and we re-do it every October for the following year.

More important than having a plan is working your plan.

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Marc

Ed the Roofer

Marc,

Did you create your own from scratch or did you utilize a software program or a consultant?

Your success story amazes and intrigues me on future potential we all may have.

Ed