Why do you want a business plan? You already know the obvious
reasons, but there are so many other good reasons to create a business plan that many business owners don't know
about. So, just for a change, let's take a look at the less obvious reasons
first and finish with the ones you probably already know about.
15. Set specific objectives for managers. Good management requires setting specific
objectives and then tracking and following up. I'm surprised how many existing
businesses manage without a plan. How do they establish what's supposed to
happen? In truth, you're really just taking a short cut and planning in your
head--and good for you if you can do it--but as your business grows you want to
organize and plan better, and communicate the priorities better. Be strategic.
Develop a plan; don't just wing it.
14. Share your strategy, priorities and specify action points
with your spouse, partner or significant other. Your business life goes by so quickly: a rush of
answering phone calls, putting out fliers, etc. Don't the other people in your
business life need to know what's supposed to be happening? Don't you want them
to know?
13. Deal with displacement. Displacement is probably by far the most
important practical business concept you've never heard of. It goes like this:
"Whatever you do is something else you don't do." Displacement lives
at the heart of all small-business strategy. At least most people have never
heard of it.