This originally appeared on my blog, The Art of Small Business. – JoAnne
My mind has been very much on business planning lately – I am working with several clients on their plans, and will be teaching a workshop on business planning later this month. Entrepreneurs working on startups are usually pretty good about having a plan, but those who have been in business for a while often don’t bother.
So, in the spirit of the “top ten” lists that are so popular this time of year, here is my personal take on the subject.
10. To approach and interest investors in your business
9. To apply for, and get, a business loan
8. To project your cash flow requirements for the next two to three years, and your expected future profitability
7. To determine what your sales goals need to be to be successful
6. To understand clearly what the success drivers of your business are and how to track them
5. To be able to recruit the very best employees and know how to reward them
4. To interest potential new collaborators, subcontractors, and vendors in your approach
3. To generate the information needed to develop a solid sales and marketing approach
2. To ensure that your products and/or services are the right ones for your market and identify your unique competitive advantage
Finally, to me, the most important reason:
1. To generate the clarity you need to make business decisions, and identify your definition of success.
Have a wonderful 2011!
