Creating a new business is a risky proposition.We talked about  how preparing a detailed business plan can help you anticipate and plan for a successful future.

Content of the  meeting of our club

A sound business plan helps to protect not only the owner of the company but also any associates that choose to join the venture.

While you may not be able to anticipate every detail, having a plan will allow you to mitigate risk and focus on building the business.

An effective business plan should include not only financial details but also guiding principles and ethics that will form the personality of the company.
Business plans are not set in stone; they should change and adapt to the company’s growth and progress.

Ideas for Action

Writing a business plan can seem overwhelming. Outline the key areas of your business plan, and then break up the plan into manageable sections. Set aside at least 30 minutes every day to work on a section.

Imagine you were joining your company as an outside associate. What would you want to know about the company ahead of time? Make a list and include these factors in your plan.

A mission statement can help you define the overarching values and ethics you want your company to uphold, as well as delineate the purpose of your business. This week, write up a draft of your mission statement. Have a trusted advisor critique it and use the feedback to improve your plan.

As your vision changes to reality, review your plan on a regular basis, either weekly or monthly. Update any sections that have changed drastically, whether related to finances, personnel, equipment needs, or other aspects of the business.