In Show 139 – Fast Fix Monday Planning vs Not Planning originally broadcast on Facebook Live on Monday 15 October 2018 we explore this interesting topic.
A key part of Phase 1: Conception is developing a plan. Today on the show we detail the top five reasons why you need to create a great plan.
1. Vital for accessing financing
Whether it’s a simple overdraft, credit cards or a line of credit financial institutions need to see a business plan. They need to know that you know what you’re doing and that you’re able to pay it back.
2. Helps you to prioritize
A benefit of doing a business plan is that it will help you to create a workflow to get essential tasks done at the right time.
3. Gives you control over your business
We’re all in business to take control over some part of our lives. A business plan will help you to plan for the future.
4. Keep it up to date
As your business grows different things change. Your business plan needs to keep up with those plans.
5. Keep it simple
You could create a 40 page business plan and while that might be necessary in some cases who is going to actually read it? Try and create a one or two page plan that is up to date and is easily accessible.
#planning #businessplan #entrepreneurs #smallbusiness
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.