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Business Gps

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travismcmurray

The document discusses how having a clear business plan serves as a "GPS" or roadmap for a business. While business plans are often created just to obtain initial funding, the plan should be revisited to proactively guide the business rather than just reacting to changes. An effective business plan lays out the company structure, products/services, facilities, management team, market analysis, strategy, and financial plan. It is important that all aspects of the plan support a clear goal or vision for the company and that the plan is updated over time as conditions change.

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Business GPS ¡°If you don¡¯t know where you are going, you will wind up somewhere else¡±, Yogi Berra Yogi Berra is one of the most quoted figures in the world¡­usually because of his nonsensical one-liners. However, these misspoken statements can be very thought provoking. The reality is you will wind up somewhere. If you want to arrive at your planned destination, you better have good directions. So, what does this look like for a business? Well, believe it or not, this is the purpose of a business plan. I know¡­you only do a business plan at inception because you have to obtain funding either through the bank or from investors. Once funding is obtained, the plan is put on the shelf never to be glanced at again. It is a necessary evil at that point. There is some truth to this, but the business plan is more; it is your roadmap. In Stephen Covey¡¯s book, ¡°The 7 Habits of Highly Effective People¡±, habit 2 is Begin with the End in Mind. Think of it as reverse engineering. Once you have your destination, then you can identify all the steps, people, & processes that are needed to get there. Sounds simple enough, but the reality is that as business owners we are constantly reacting to our surroundings - trying to merely survive. So this business plan that the bank forced you to put together can help you be more proactive about the direction of the business and less reactive. Business plans can come in many different shapes and sizes; the key here is to have some strategy for your company and to be very deliberate about carrying that strategy out. Some of the basic components of a business plan include: Company Structure Products & Services Facilities & Locations Management Team/Personnel Market Analysis Strategy & Implementation Financial Plan Each of these sections is very important, but this is by no means an all-inclusive list. And each section can cover a wide range. For example, Company Structure could cover the legal structure of the company, the ownership of the company including succession planning, or it could focus primarily on the cultural structure of the company. When working on a business plan, keep the following in mind: 1). Make sure the goal/vision is clear 2). All the objectives and strategies must support the goal/vision for the company
3). Be sure to update it¡­things do change (bad economy, government regulation, loss of a key person, etc) and they aren¡¯t always things we can control. One final note, the sooner you figure out where you going, the sooner you can get on the right path.

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Business Gps

  • 1. Business GPS ¡°If you don¡¯t know where you are going, you will wind up somewhere else¡±, Yogi Berra Yogi Berra is one of the most quoted figures in the world¡­usually because of his nonsensical one-liners. However, these misspoken statements can be very thought provoking. The reality is you will wind up somewhere. If you want to arrive at your planned destination, you better have good directions. So, what does this look like for a business? Well, believe it or not, this is the purpose of a business plan. I know¡­you only do a business plan at inception because you have to obtain funding either through the bank or from investors. Once funding is obtained, the plan is put on the shelf never to be glanced at again. It is a necessary evil at that point. There is some truth to this, but the business plan is more; it is your roadmap. In Stephen Covey¡¯s book, ¡°The 7 Habits of Highly Effective People¡±, habit 2 is Begin with the End in Mind. Think of it as reverse engineering. Once you have your destination, then you can identify all the steps, people, & processes that are needed to get there. Sounds simple enough, but the reality is that as business owners we are constantly reacting to our surroundings - trying to merely survive. So this business plan that the bank forced you to put together can help you be more proactive about the direction of the business and less reactive. Business plans can come in many different shapes and sizes; the key here is to have some strategy for your company and to be very deliberate about carrying that strategy out. Some of the basic components of a business plan include: Company Structure Products & Services Facilities & Locations Management Team/Personnel Market Analysis Strategy & Implementation Financial Plan Each of these sections is very important, but this is by no means an all-inclusive list. And each section can cover a wide range. For example, Company Structure could cover the legal structure of the company, the ownership of the company including succession planning, or it could focus primarily on the cultural structure of the company. When working on a business plan, keep the following in mind: 1). Make sure the goal/vision is clear 2). All the objectives and strategies must support the goal/vision for the company
  • 2. 3). Be sure to update it¡­things do change (bad economy, government regulation, loss of a key person, etc) and they aren¡¯t always things we can control. One final note, the sooner you figure out where you going, the sooner you can get on the right path.