Business Planning: The Foundation Of A Successful Business


The day you decided to run your own business is also the day you will experience a new race in your life. Yes, I can say that running a business is more like a race because you can either win or lose. But of course you prefer winning than losing right? So, what steps should you take or do in order to win in the business race? In a real life race, you will need to train hard, have a plan, be dedicated to what you are doing, focus, and do your best in order to win. The same in business, you will need to be a thinker, enthusiastic, focus, hardworking, have a plan, and do your best shot.

The very first step that you should do to start you own small business is to know your ideal business. You can start by writing down your interest in life as well as things that you enjoy. This way you will come up with a list and you can start filtering them by determining which are the most profitable. When you’re done filtering your list then select your best choice of ideal business. Now, when you know your ideal business then you can now proceed to the next step which is business planning.

When it comes to business planning, you will need to consider several important factors. This includes business concepts, company plan/strategy, financial review, and action plan. Your business concepts serves as the overview of your business which involves your vision, mission, services/products, and goals. Your company plan/strategy on the other hand will serve as the foundation and roadmap of your business operations, growth, problem solving, marketing plan, as well as your exit strategy in case of business failure.

When it comes to the financial review, the name itself indicates that this is where all your financial statements are located including your capital, income statement, cash flow statement, balance sheet, and profit projection. Finally, the action plan will serve as the steps or procedures that you need to do in order to execute your business plan and reach your objectives and goals.

As stated above, creating a business plan for small business requires a lot of hard work. Now, if you think that you don’t have enough knowledge and skills to create a great business plan then you might want to consider hiring a business consultant. A reliable and trustworthy business consultant is the perfect person to get help for creating a business plan because they are the experts and the most experience people when it comes to any aspects of business. They are the once who can give you a more realistic and professional small business plan for your business.

So, if you think that you need the help of a business consultant then we are always here to help you. We at Socratic SBC offers that best services and packages for your startup business. For more information, here are our contact details.

Roderick Hunnicut

Socratic SBC / Small Business Consulting

2 Wisconsin Circle Suite 700 Chevy Chase,

MD 20815

Office: (410) 344-7874

Fax: (202) 318-0689


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