Business Plan – Good way to start the new year!

The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.

Despite the critical importance of a business plan, many entrepreneurs drag their feet when it comes to preparing a written document. They argue that their marketplace changes too fast for a business plan to be useful or that they just don’t have enough time. But just as a builder won’t begin construction without a blueprint, eager business owners shouldn’t rush into new ventures without a business plan.

The Small Business Administration advises that, before you begin writing your business plan, consider four core questions:

-What service or product does your business provide and what needs does it fill?

-Who are the potential customers for your product or service and why will they purchase it from you?

-How will you reach your potential customers?

-Where will you get the financial resources to start your business?

See The Business of Law and The Profitable Law Office Handbook specifically designed to help lawyers create a business plan.

Categorized in: Management