Buying into the value of business planning

The time you invest in your business plan will pay off many times over. Some
of the most obvious benefits you’ll gain from business planning include

✓ A clear statement of your business mission and vision
✓ A set of values that can help you steer your business through times of
trouble
✓ A blueprint you can use to focus your energy and keep your company on
track
✓ Benchmarks you can use to track your performance and make midcourse
corrections
✓ A clear-eyed analysis of your industry, including opportunities and
threats
✓ A portrait of your potential customers and their buying behaviors
✓ A rundown of your major competitors and your strategies for facing
them
✓ An honest assessment of your company’s strengths and weaknesses
✓ A road map and timetable for achieving your goals and objectives
✓ A description of the products and services you offer
✓ An explanation of your marketing strategies
✓ An analysis of your revenues, costs, and projected profits
✓ A description of your business model, or how you plan to make money
and stay in business
✓ An action plan that anticipates potential detours or hurdles you may
encounter
✓ A handbook for new employees describing who you are and what your
company is all about
✓ A résumé you can use to introduce your business to suppliers, vendors,
lenders, and others

Making a wish list for your business plan
Setting out your priorities in the form of a business-planning wish list can
help you focus your efforts. With a completed plan in hand, you can return to
this list to make sure that it achieves everything on your list of priorities.