Now because learning how to write a business plan is not just for consultants anymore. It is the standard expectation of every banker and investor you will ever meet. They will all ask you for a business plan before making any commitments.

How to Fail in Business - Learn How To Write a Business Plan, Then Ignore It!

Did you know that two studies (U.S. and Canadian) found 81% of successful firms periodically take stock of where they stand with respect to their goals by reviewing their business plan and then followed up by making adjustments to their practices and expectations. In reviewing these studies I found that bankrupt and successful firms had similar business and financial plans, with a two crucial of exceptions...

66% of the bankrupt firms did not have financial projections or forecasts!

Of the remaining 33% that did have financial forecasts only 40% took any remedial action after reviewing their business plan!

Learning how to write a business plan did not help these business owners because the majority did not have a financial forecast! Those that did have financial forecasts 60% did nothing to try to save the business!!! Unreal!

If you are like me, does that strike you as strange, stupid or what? Frankly, it made me angry. If you do not know what is going on in your business (what is working, what isn't) you will how will you ever know what needs to change?

Learning how to write a business plan will teach you more about your business than you could imagine. Here is the problem, as a business grows, so does its complexity. As the complexity of the business grows the required skill sets to control and safely manage the business expand exponentially. Therefore, the need to take time to measure, shift, and make adjustments is crucial.

A business plan will help you cope with change and because when you write your business plan you become a student of the business. When you review your business plan regularly it continues to educate you about the decisions you made, what your plans were and then all you have to do is move quickly to make changes.


Greg Balanko-Dickson
http://www.sbishere.com/

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