Business Planning

Ready,  Fire,  Aim?

According to a study by the U.S. Small Business Association, only two-thirds of all small business startups survive the first two years.  Less than half make it to their fourth.

Many of these failures could be avoided with sound business planning.  A business plan isn’t just something you create for a lender and put on a shelf, it’s a roadmap to make sure that you’ve thought everything through and that your key stakeholders (including your employees) are on the same page you are.

Probably the most important components of a business plan are the budget and the financial projections.  Many business owners have worked themselves right out of a job because they expanded too slowly or too quickly.  Other businesses struggle unnecessarily because they either didn’t price their products and services correctly, failed to anticipate market demand, or misjudged their competition.