MODERN FRANCHISING
Business Planning for Success By Mark Fernandez
What a Business Plan can do for you and how to use it …
Running a business without a business plan is like rock climbing blindfolded . Your chances of making it successfully to the top are slim . And the process will surely be a death-defying one .
Contrary to popular practice , a business plan is not a means to securing financing . Instead it is a step-by-step guide to running your business and creating the product or service that will make it in the marketplace . And like any other map , your plan will have to be adjusted according to your vision for the business , conditions and opportunities in the marketplace and your business ’ s current condition .
Whether it ’ s formal or informal , every business has a plan . The local hair salon may not have formally written down the plan , but before setting up shop , a smart owner would have assessed the need for a shop in that area of city , the ability to attract clients there , the appropriate amount of chairs , whether to hire someone to do the shampooing and sweeping , the cost of utilities and even the parking availability for clients .
The owner who waits to figure these things out using trial and mostly error will be lucky to be left with his / hers wits , much less any customers .
A business plan helps to minimise those pitfalls .
Failing to plan is planning to fail …
For many people , the concept of writing a business plan for their own business is a daunting one . Perhaps it would appear less daunting to view the process as simply writing the answer to three questions , namely :
• Where are you now ?
• Where do you want to be at a
46 ModernBusiness September 2016