Business Plan Advice from the Experts
The small business topic that aspiring or current entrepreneurs most often approach SCORE about is writing a business plan. From laying the groundwork for a successful new startup to seeking justification for funding growth, the reasons for writing a business plan abound but the value of doing so is always far more than meets the eye. Today we highlight the insights of three of our SCORE mentors who each have in-depth knowledge of and extensive experience working with entrepreneurs to develop business plans.
Make It Easy
Many small businesses fail to ever complete their business plan due to over-complicated approaches that entail too much theory, writing and detail. Avoid those convoluted routes and instead take the more straightforward, simplified approach offered by SCORE mentor David Albright in his recent webinar, “How to Develop a Business Plan in Six Easy Steps.” David offers an in-depth look at the "Business Plan Express" method of planning including:
- How to research the market - your industry, customers and competitors
- How to analyze your own business
- How to define/refine your business niche
- How to set business objectives
- How to create a simple action plan to achieve your objectives
- How to set up monthly tools to monitor your progress against your goals
Make sure to take advantage of the free accompanying worksheets that make the process even simpler.
Be Strategic
Based on his experience of mentoring more than 1,000 small business clients, our very own SCORE mentor Hal Shelton recently authored “The Secrets to Writing a Successful Business Plan: A Pro Shares a Step-by-Step Guide to Creating a Plan that Gets Results.” Get a sneak peek into Hal’s broad knowledge on the topic by listening in to the SCORE Small Business Success Podcast: Business Planning Strategies for Entrepreneurs.
Hal says, “Wherever you are in your journey, you have a need to develop the knowledge and plans to guide you to a successful business operation. While this learning and planning process takes many forms, shapes, and levels of intensity, it is all considered part of the business planning process. Learn how a well thought out business plan can dramatically turn the odds in your favor.”
Master Your Plan
Finally, we posed the tough questions you’ve always been wondering about business planning to SCORE mentor Mark Lowenstein. In response to “Why is the process of developing a business plan as valuable as the plan itself?” Mark said, “People tend to gravitate to the areas of running a business that they like, and give less attention to more difficult or less enjoyable aspects. Unless you have the discipline to fully research and prepare a business plan, you tend not to deal with the details necessary to meet goals, or measure your progress toward meeting them.” Mark also addressed the questions “What are the risks of attempting to build a small business without a business plan?” and “How often should the business plan be reviewed/updated, and what sections should undergo the most scrutiny?” Get the full scoop on these and many more critical business planning questions in ExpertAnswers: Master Your Business Plan.
Business planning is obviously critical but it doesn’t have to be difficult. Let a SCORE mentor help you set your business on a path to success today: www.score.org/mentors
