Whether you’re a budding entrepreneur, or already have a thriving business that’s seeking to grow and expand – a good, solid business plan is the essential component to have in your arsenal during each and every phase. That means, of course, that a thorough plan must be developed right from the beginning. It’s also equally as important to maintain those analytical thoughts and decisions down the road to ensure the vision you foresee for your business is indeed the path on which you travel. Here’s why a business plan should be with you every step of the way.
It doesn’t matter what the scale of the business is that you may be seeking to operate. Even if it’s a two-person operation originating from your own home, you need to have a plan in order to help you develop your ideas and goals into tangible action. You’ve got to be exceptionally analytical of everything including your own abilities and weaknesses. That way you can find alternative means to strengthen those weaknesses. But until you have that plan set, those thoughts and goals will stagnate as conceptual ideas.
The Established Business
You’ve graduated from the initial start-up phase and grown into an established business – what now? It’s certainly not time to let go of your sights and plans. Instead, it’s the perfect time to revisit those blueprints, reanalyze them, and alter them to incorporate all of that growth you’ve experienced and will hopefully continue to enjoy. This is the time to really reflect on your business and create new strategies for continued growth.
The Final Stages
Maybe you’re at a point where you’ve owned and operated your own business for years, and now, you’d like to start winding down and creating a succession plan or planning for retirement. Now is the time, once again, to begin assessing your situation and your desires. Do you want to sell, transfer the business, or close it all together? Keep in mind all of the legal factors and documents that these processes with entail. These are important questions that must be asked when the time comes to move onto the next stage of your life.
No matter what the size and scale of your business maybe, from beginning to end, a business plan should be with you every step of the way. A business plan is the blueprint and foundation for everything. Spend the time and effort in solidifying your goals by turning those ideas into tangible action with a business plan.
At The Beacon Group of Assante Financial Management Ltd., we understand that your business is your retirement plan. You’ve worked hard to build it to where it is, and a business plan is one part of ensuring success. Next, you need to create a complete plan for the next stage, whether that is selling your business or transferring it to the next generation. Contact your financial advisor to learn more.