If your business doesn’t have a business plan then it is in your best interest to create one.
I heard about a study recently of 1600 businesses conducted over a 25 year period about how they used business plans. 70% of the businesses surveyed had no written or verbal plan of any kind, 27% of them had only verbal goals, and only 3% of them had their plan written down. What you need to know is that 98% of all the wealth in those 1600 companies was held by those 3% that had written goals.
Do you see how important it is to have your plan written down?
There are many reasons why a written plan is so effective. One reason is that the process of writing down your business goals actually forces you to think about them and clarify them. You have to know what they are so that you can write them down.
A written plan also gives you a place to go to reset your focus. Flesh out your plan with the specific actions that you are going to do to achieve your goals. Also keep your plan in a place where everyone involved in your business can see it and refer to it. It becomes the document that guides everyone’s actions and keeps everyone on track to accomplish your business goals.
Another way that a written plan can help your business is when you talk to potential partners and/or investors. A business with a written plan will appear much more professional than a business with no plan or just a verbal one.
If you would like to know how to create a simple plan, I recommend Loral Langemeier‘s The Millionaire Maker’s Guide to Creating a Cash Machine for Life
Get your plan together so that you can join the 3% of businesses with 98% of the money.
Wayne Woodworth
The business man with the business plan
