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Why have a Business Plan

Steve Reed - Friday, January 19, 2018

Greetings from SHUR Wealth Strategies. You have tuned in to our weekly business blog designed to help protect and grow your small business.  Having been in several businesses since the early 90’s, I can relate to business owners and the risks they face on a daily basis.  Those risks come in all shapes and sizes.  Buckle up and check us out.  Let’s put our heads together to see how we can help you maximize your business so that 2018 is your best year ever.

One of the early questions I ask of many business owners is, “do you have a business plan”?  A business that fails to plan, plans to fail.  Don’t be hap hazard in the operation of your company.  Know where you are going and how you are going to get there.  The question is, where do you go and what does a business plan look like? What kind of information do I need to put into this plan?  Who needs to read this?

Many business plans are developed by the business owners or executives for the purpose of obtaining money.  They draw up the plan, then present it to their banker in hopes that they will give them a loan to meet their needs.  The biggest problem with this approach is that often times the plan is actually a fantasy designed to just get the needed funds.  Once the plan is presented and money is acquired, the plan goes in the bottom drawer and is forgotten, that is, until the owner needs to borrow more money.

A better approach would be to work with your business advisor team.  That should include your forward-thinking accountant, possibly a banker, attorneys, marketing consultant, and other strategist, depending on the type of business you run.  Proverbs 11:14 says, “Where there is no guidance the people fall, But in abundance of counselors there is victory.”  Is your goal to have a victorious business?  If it is, surround yourself with many counselors and then listen to them.  Don’t let your pride get in the way of your business success.

Over the years I have heard the phrase, plan your work and work your plan.  That is no more true than in running your business.  Develop a plan, execute it, then stick to it.  Be consistent and persistent.  With the right counselors, planning, and execution, you will have a victorious business.

SHUR Wealth Strategies and GoSmallBiz, powered by LegalShield, have many resources available to help you in the process of building a successful business plan.  Why not sit down over a quick cup of coffee to see just how simple it could be to put a great plan in place for your business?  To learn more, check us out at www.SHURWealthStrategies.com.  I look forward to visiting with you soon.

Info@SHURWealthStrategies.com | Plano, Texas | 972.896.8956