I Need A Business Plan

If you want in-person help, the experts at SCORE can walk you through the process of writing a business plan step-by-step.

If you want in-person help, the experts at SCORE can walk you through the process of writing a business plan step-by-step.Also, read SCORE’s Business Plan Resources Page for tons of tools, templates, blogs and webinars.It’s not uncommon for a company to lend money to its employees.

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Your document basically lays out all the information a potential investor needs to know before buying shares of a new company.

Bankers and private investors will want to know the same information.

Because no one outside of the company will be looking at this it doesn’t have to be pretty, so it’s not a formalized business “plan” that consultants like to see.

But for your internal purposes, it will cut to the chase and be effective.

Practically Speaking is a weekly column that addresses your most pressing business dilemmas. When those situations arise, it’s almost always necessary to have a plan in writing.

The advice is the opinion of long-time business owner Gene Marks. Consultants and financial advisors love to tell their clients that they should have business plans. The plan should be pretty detailed too, depending on who the reader will be.But if you’re not looking for money, a formal business plan is a waste of time.Most of my clients that run established companies don’t do it.Would you rather uncover a major flaw in your business concept during the planning stage, or when you’ve already spent money on a location, inventory and hiring?By spotlighting possible obstacles, your business plan lets you plan how to work around them.If it’s not, you’ll have to stall while you scramble to write your plan—leaving the impression your idea wasn’t well though-out to begin with. Looking for vendors, business partners or even employees for a business that doesn’t yet exist is a challenge.A business plan can help people visualize your future business and decide whether or not they want to be involved.You already know everything you need to know…right?Another common misconception: “I don’t need a business plan, because I’m not looking for financing.” It's true that lenders and investors definitely want to see a business plan.While the nuts and bolts aspects of startup, such as setting up an accounting system, may not be spine-tingling, they’re essential.While writing a business plan, you are forced to consider how you’ll run every aspect of your business—marketing, managing, financing and more.