Atlanta CPA Advises America Entrepreneur’s: Writing a Business Plan to YES
Atlanta CPA Advises America Entrepreneur’s: Writing a Business Plan to YES
Writing a business plan is an essential component to ensuring short and long term business success. These time tested methods of writing a successful business plan are essential to maximizing your business survivability and profitability.
Top 5 Tips to Writing a Successful Business Plan
1. Be Your Own Worst Critic. Perhaps the harshest test of a business plan is to address its overall ability to communicate a message of Achievable Business Success. Being your own best critic will do much to help ensure you business plan is one more of substance than fluff.
2. Don’t Sound Like a Commercial. Using fluffy words and claims will do much to encourage others to believe your work is based more on speculation than fact. Seeking to stick to a well-written outline will do much to have your business plan fully read and duly considered.
3. Exercising Prudence. Exercising wisdom and discernment are essential to a well drafted business plan. A business plan that does not well lay out the facts in an orderly and achievable plan are most apt to arrive in the circular file that the bank’s approving committee.
4. Tell the Truth & Nothing But the Truth. Your business plan should tell a story. Failing to have a well-laid out plot will do much to help its reader to determine it to be a work of Fiction rather than Fact.
5.Stick With What You Know. Just as a loan to a doctor opening a dentist practice would be a prudent move for a banker in evaluating a business plan so is it essential to stay in the field that you have a proven track record of success. For those not in a field of their past expertise working as a franchisee of a franchisor is a good alternative to prudently consider.
Your goal when preparing a business plan is to put yourself in a position of business success. You will be glad you did. You can contact John Dillard CPA today at 770 814 9304 and visit www.HisCPA.com A Faith Based CPA Firm
Business Plans
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January 3rd, 2012 at 8:45 am
John,
These are all excellent points. I would add some additional points:
1) Avoid putting a lot of unnecessary detail in a business plan so that it will be focused. It is far more likely to be followed if kept as short and simple as possible, plus it is easier to communicate the important ideas. Additional details can be provided to interested parties as needed. Largely, a good business plan is a framework used to make decisions.
2) If you are a start-up company, remember there are many things you will learn in the early phases of your business, so keep the plan fairly flexible in the early stages. Of course, that does not mean straying from core principles and concepts incorporated in your business plan. Things like integrity should always be present as foundational.
3) Whether your company is a start-up, a mature company, or somewhere in between, regularly revisit the plan to assess whether you are on track and to see if there are new opportunities that mesh well with your existing business.
4) If you are a person of faith, pray before starting the planning process, during it, and afterward. It can’t hurt and we might be surprised at the divine guidance we get. Do we really think that flash of brilliance came from us?