Small Business Trends Radio

Traps That Keep You From An Awesome Business Plan

Small Biz AdviceNovember 30, 2008By

10 Ways To Take Your Business Global

Are you struggling with the development of a business plan? Not sure where to begin? Well, chances are – you’re not alone. There are many challenges business owners, CEO’s, and entrepreneurs face when writing a business plan.

Author and Business Coach, Greg Balanko-Dickson has a unique perspective on the challenges business owners, CEO’s, and entrepreneurs face when writing a business plan.

Greg shares tip and traps from his recent book, “Tips and Traps for Writing an Effective Business Plan:”

  • Start with the industry — analysis. Many begin with the executive summary or business description. That should come at the end to summarize the plan. It should not be your starting point. A detailed analysis of the industry is where you need to start.
  • Get business partners — on your side. Engage them and make them part of the process by breaking the task up and sharing it with them. Use their strengths. Ask them to develop the portion of the business plan that is in line with the area they excel in. It creates a discussion by working independently and then coming together over it.
  • The reality is — that if it’s a realistic plan and current for the times you are in, you won’t have to worry about the economy or recession. Be thorough, be detailed. Stay current but don’t focus on the things you can’t control when writing your business plan. Being thorough and turning over every rock during times of change can lead to great opportunities. It’s the small changes that have the greatest impact in the long run.

Ready to start writing your business plan? Listen to all of Greg’s tips to get you off and running by clicking the red and yellow player below now.

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3 Responses to “Traps That Keep You From An Awesome Business Plan”

  1. Amanda Says:

    Greg makes a great point that sitting and analyzing your business as you write your business plan helps you to better understand your business inside and out. That alone is a good incentive to writing your own plan.

  2. Arthur Bland Says:

    Oh My! Thanks Greg! I wouldn’t have known that it should be starting with industry analysis. :)

  3. Bianca Aquino Says:

    Why do we really have to –>Get business partners — on your side. Engage them and make them part of the process by breaking the task up and sharing it with them. ?

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