An economic downturn, a falling market, or a recession - call it what you want but as a business owner are you prepared for what could potentially be a rocky-road? Do you have an action plan for surviving these current hard times? Do you honestly know in what direction your company is headed?
As we are all aware, no one person, not even the President, can predict our future, so if you own a business, you already know the importance of a Strategic Business Plan. But did you know that a business plan is the one tool that is key in surviving anytime, especially now.
If you have ever said, “My Company is too small,” “We’ve never had a business plan, why start now?” or “I just don’t need one” know that these are signs that your business is one-step closer toward becoming a victim of our economy. Based on recent studies, Merger and Acquisition professionals predict that approximately 50% of new businesses fail within the first year. Half of these fail because they lack primary direction and almost 90% of those companies failed due to the lack of a business plan. Remember, without a well organized and thought out business plan, you could end up just another statistic. Furthermore, not having a strategic business plan will leave you and your company unsuccessfully equipped to take proper actions to ensure your business is thriving especially during current times.
What is a business plan, what purpose does it server, and why is one so important?
Simply put, a business plan is a formal declaration that establishes your company’s framework for success. A good business plan is designed to position your business to ensure profitability, not only for short-term goals, but also for your company’s long-term future goal. That means your objectives need to address strategic target markets, major competitors, meeting the demands of your clients and customers all while achieving your financial and performance goals. Overall, a business plan is an important decision making tool to help ensure you meet your company goals.
As you and your team of trusted advisors sit down together to develop your company’s business plan, you will come to realize that there are many import aspects to consider as a solid business plan serves as your firm’s game plan.
MAKE SURE YOU ARE AWARE OF THE REASONS YOU AND YOUR BUSINESS SHOULD HAVE ONE IN PLACE.
If you need help planning a road map to success to help survive our economic times, call the BUSINESS HOUSE, inc.SM today at 770-534-6630 to schedule a no-cost confidential meeting. Remember, a business plan is the key to your company’s success. Why not let the certified professionals at our Firm help lead you in the right direction- SUCCESS.