Running a business can be one of the most rewarding experiences, however it can also be one of the most difficult. As with anything that is worthwhile, it takes a lot of hard work and commitment to be successful. It also takes a great deal of planning and forward thinking. The old saying goes “Failing to plan is planning to fail”.

So what can you do to ensure you have a solid plan in place and ensure your business continues through the years of prosperity and need? You need to be prepared. To do this you need:

1. A Map: A business plan is a road map to guide you on your journey and to ensure you take the right turns and make the right decisions. A good business plan will include:

• Your basic business concept. This is where you discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success.

• Your strategy and the specific actions you plan to take to implement it. What goals do you have for your business? When and how will you reach your goals?

• Your products and services and their competitive advantages. Here’s your chance to dazzle the readers with good, solid information about your products or services and why customers will want to purchase your products and services and not those of your competitors.

• The markets you’ll pursue. Now you have to lay out your marketing plan. Who will your customers be? What is your demographic audience? How will you attract and retain enough customers to make a profit? What methods will you use to capture your audience? What sets your business apart from the competition?

• The background of your management team and key employees. Having information about key personnel is an important but often misrepresented portion of a business plan. It’s not a long and detailed biography of each person involved but an accurate account of what they’ve done and what they bring to the table for this specific business opportunity.

• Your financing needs. These will be based on your projected financial statements. These statements provide a model of how your ideas about the company, its markets and its strategies will play out.

• As you write your business plan, stick to facts instead of feelings, projections instead of hopes, and realistic expectations of profit instead of unrealistic dreams of wealth. Facts—checkable, demonstrable facts—will invest your plan with the most important component of all: credibility.

1. A compass: It is important to have an accountability partner, not necessarily a business partner but one or more mentors who can talk though ideas and can help you make rational decisions without the direct connection to the business. It is extraordinarily useful to have someone who has walked the line and understands the perils and pitfalls of being in business.

1. A Guide: Having a map and a compass is great, but if you don’t know how to use them you may as well not have them at all. Having a good accountant can be the difference between success and failure. We understands your business, and can guide you through each step; from starting a new business to succession planning and every tax and business question in between.

If you want to sit down and develop a business plan, or would like guidance in running your business, sit down with one of our team and we can develop strategies to ensure you have all of the tools necessary to start, grow or sell your business. Call us today to find out more.