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Session 2 Getting Your Team in Place of our Business Expansion course provides detailed recommendations on delegating authority, employee motivation, training and other key management tools. If you lack the ability to perform a key function, include this in your business plan.
Too often, long-range planning becomes meaningless because the reality of your business can be different from your initial concept. In fact, to offset optimism, be extremely conservative in predicting capital requirements, timelines, sales and profits.
Few business plans correctly anticipate how much money and time will be required.
Do not expect that all of your plan's initial assumptions will be correct.
Instead, look at your business plan as an ongoing assessment that you will frequently review and change to conform to actual operating experiences.
But it is our recommendation that you be sole author of your plan. Keep in mind that creating a business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business.
This step is too often skipped, but we have made it easy for you by providing this ready format to build your plan as you progress through this course.
Be aware now that most start-up entrepreneurs are reluctant to write down their business plan.
It is, therefore, strongly recommended that you complete each segment of the plan as you progress through this course.
Explain how your business will be appropriate for the regulatory agencies and demographics with which you will be dealing.
If appropriate, provide demographic studies and traffic flow data normally available from local planning departments.