IS YOUR BUSINESS ONLINE YET?

``I Don't Need A Business Plan''

``Would you tell me, please, which way I ought to go from here?''

``That depends a good deal on where you want to get to,'' said the Cat.

``I don't much care where,'' said Alice.

``Then it doesn't matter which way you go,'' said the Cat.

The BIG Question among Small Business Owners is, ``How can I increase my business?'' The answer is often easier than they think. However, in order to figure it out, they must decide where they want to go with their business. Everyone in business should have a business plan, not just the people seeking venture capital.

Your business plan is the ``road map'' of your business venture. Without a plan you will not know how to get where you want to be. A good business plan will show you how to get to where you want to go. To develop a good plan, you need to write down the answers to the following questions.

What will your life be like in 20 years? Are you still working or are you retired? Are you worth a lot of money? If so, how is your wealth distributed? Stocks? Bonds? Equity in your business? Other businesses? Are you an independent consultant or do you have a company? How large is your company? What is your annual revenue (in today's dollars)? How many hours per week do you work? Do you work on weekends? Do you travel? And most importantly, are you happy?

These questions need to be answered honestly and realistically. I know that life can hit you with some unwelcome surprises that might change the way you want things to be. It is because of these changes, that you should re-evaluate your plan every two years.

After defining your long range goals, break them down into ten year and five year goals. Make sure they are consistent with your twenty year plan. At this point you will be ready to determine what you need to do to achieve your goals.

Also consider a few short-term questions you should think about: Do you want more customers or steady customers? What is your competition doing? Will advertising help increase your profit? If so, what kind of advertising and what media should be used? Think of your own questions.

Your specific marketing strategies will depend on your individual goals (once you have an idea of where you want to take your business). Write your answers down on paper! Organize your thoughts, questions, and concerns. If you have financial data, use it. You don't have to take your plan to the bank, but by recording your income and expenditure you will have a benchmark to use when you review your goals and accomplishments. Business plans often follow a general format. You can modify this one to suit your exact needs.

1. Executive Summary
2. Company Profile including mission statement that describes your business and why you are in it
3. Competitive Analysis
4. Marketing Strategy
5. Staff Qualifications
6. Financial Information
7. Appendices containing any additional information you would like to include