Thursday, February 28, 2013

Your Business Plan









At BizWorks, two of the main things we require our potential new residential members do are to write a business plan and do three year cash flow projections.  There has been a huge debate recently in the incubator world about requiring business plans.  Our belief is that taking on a small business requires a great deal of time for our staff, our committee and our volunteer mentors.   

When we look at a potential new member we want to make sure that member knows where they are going with that business and actually has some business savvy.  We look at things like how well they write, if they understand how to put together measurable goals, if they understand how their cash flow projections relate to the business plan and if they understand how the cash flow projections work. 

These types of questions help us understand if a person will make a good business owner. It helps put them on the track to success.  Without a plan, how do you know where you are going and if you got there?  If people make no plans for their small business, how will they proceed with each step a business should take to become successful?  

The other thing a business plan process does for us is show us who can stick to deadlines and who ignores the deadlines we set.  Once we begin working with a person, if they consistently miss deadlines, it tells us a great deal about how they will work with us if they become a member.  Usually we don’t get very far along in the process with these types of business owners. 

So, before you take the plunge in starting your business, acquire some education on business planning, there are many courses offered around the area to teach you how to write a business plan.  Invest some time there before investing in your business.  

Suzanne Cormier
Executive Director
BizWorks (Small Business Incubator)
Follow Suzanne Cormier on Facebook and
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