Think you don’t need a business plan? Think again!

Cathy Yeomans, Imagine Public Relations, White Rock, BC, imaginepr@shaw.ca

An enthusiastic and intelligent friend of mine recently shared she was starting a business. Her concept sounded great, but when I asked to see her business plan she felt it was ‘irrelevant’. If you think like that, your business may already be in the toilet.

No matter what business you start, if you don’t have a plan in place you won’t reach your goals.  Passion alone is not enough. Your business plan is your guide to show you what to do, step-by-step, to reach your goal and succeed.

Components of your business plan should include:

• Your vision, mission, goals and objectives…
• Operations information like your business structure, licenses, insurance, production methods, service delivery and costs…
• Marketing information like your target market, market conditions, competitive landscape, strategies, promotion tools, SWOT analysis…
• Financial information like projected cash flow, projected income statement, balance sheet, start-up costs, break even analysis…

The main focus of a business plan is to create clear direction for where you’re going, how you’re getting there, and why. Don’t waste time…make a plan!