Is your business making money? If not, why not? If yes, how can you make more? A well thought out business plan can answer all these questions and help you achieve your business goals. Whether you’re just starting out or if you’ve been in business for several years, this working document can help you achieve your business goals for years to come!
A business plan helps the owner to keep the business on track. It helps you see if you’re on track with your sales forecast or your marketing plan to name a few. It’s a map of where you want to go and how to get there. Once you’re there you can look back and see whether you stayed on track or if you took another route.
A business plan should be prepared by the business owner or you must have considerable input in the plan as you’re the one that’s going to put the plan into place! Get help when needed but make sure you understand.
The plan should project at least 3 years into the future and should be reviewed every year. Don’t be afraid to change your plan. Something you thought might work for your business a year ago may not be relevant today. Markets change and so should you!
A business owner doesn’t have to have an MBA to prepare their plans and you don’t necessarily have to spend a lot of money on business planning software. You can complete a professional looking business plan using simple and free programs available from banks and other business development organizations. For a list of Business Plan Templates and Samples available, visit the Canada Business website at http://www.canadabusiness.ca/eng/guide/2089/.
Article prepared by:
Janice Hollingworth
Business Development Officer
RCCFDC
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