Thomas Edison said," Good fortune is what happens when opportunity meets with planning." If you are a frequent listener, you will often hear our host and guests mention the importance of creating a business plan. When you have a well-thought-out business plan, you can have an advantage over your competition and give your team direction and a shared vision. A business plan supports the business owner and becomes a valuable guide to running day-to-day business operations, setting goals and objectives, hitting sales goals, and keeping costly mistakes at a minimum. The number 10 reasons for business failure are all addressed in a business plan, so our question is, if you could stack the odds of success in your favor by being prepared, why would you wait? 

Items discussed

1. Top reasons businesses fail- Lack of planning, lack of money, or money mismanagement, not keeping up with customer needs or the competition, growing too quickly, not being able to pivot when needed, lack of research or not understanding the industry trends, noneffective marketing plan, not having the right people in place.
2. Executive Summary
3. Company Description
4. Market Research
5. Organization & Management
6. Products and Services
7. Identify your Target Customer
8. Marketing Plan
9. Operations Plan
10. Financial Plan

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