...The Dreaded Business Plan

How it can install the feeling of dread in most people.  When you mention a business plan the majority of people look at you with that glaze in their eyes.  But is it important and worth the work?  At BizWorks we think so.  

We work with a lot of people who come in with a range of ideas and at every stage of development.  From the “I had this great idea yesterday for a business to the “I’ve been in business a while but feel like I’m stalling” people just need to have a road map.  That’s what a business plan provides.  It helps you figure out which way to go and what to consider along the way.

When you plan a major trip do you make plans ahead of time? Hotel reservations, car rentals, maps, plane tickets?  You have to know where you are going in order to get there.  It’s the same thing with a business.  We love working with all sorts of people in various stages of development.  But all of them need a plan. It really is true, if you don’t know where you’re going you may not get there.  

If you make no plans for your business, it’s hard to figure out where to go.  Benchmarks and goals- they do matter especially in the beginning when money is short and time is precious.  It doesn’t matter how long you’ve been in business, if you are either starting out, or having issues with your business a business plan can help put you on the road to success. 

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Suzanne Cormier

Executive Director

BizWorks (Small Business Incubator)

Follow Suzanne Cormier on Facebook and

Twitter @BizWorksCenter

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
Twitter @BizWorksCenter