Stand out with a solid business plan

Business plans offer a glimpse into your thoughts and intentions as a business leader. It is a reflection of your ability to put thoughts to paper and demonstrates your commitment to researching your market and your competition. A business plan is also a reflection of how well you are able to define your target market and develop a marketing plan that speaks to potential clients. Stepping back and objectively presenting your strengths is challenging and may require help from your circle of influence, so don’t be afraid to ask for assistance.

When mentors at the Canadian Youth Business Foundation review a plan with their entrepreneurs, they look for one that is well written, reveals the person’s strengths, and also demonstrates how they will compensate in areas of weakness. If you can define your strengths and the motivation behind the business concept, you will be able to draw on these qualities during tough economies.

Some entrepreneurs turn to prepackaged business plan templates that are available online, but it’s essential you take the time to customize them to your specific needs and goals. Be sure to also proofread your plan by double and triple checking spelling, grammar and sentence structure since you don’t want your great idea to be overlooked due to small errors in your plan. At the end of the day, if you haven’t done your homework it will show, and regardless of your reasons for writing a business plan, there is no substitute for quality content. Don’t get lost in the mix, invest in your plan and reap the rewards.

Estevan Mercury | Estevan, Saskatchewan