Donna Probes: Plot your course for success

Stephanie Shomin, The Record-Eagle, Traverse City, Mich.
·3 min read

Jun. 19—Writing a business plan is one of many important steps an owner needs to take before launching a new business.

For most of my SCORE clients, this step is by far the most intimidating. But once the task is done, everyone agrees that their plan played a major role in their ability to launch and sustain a profitable business.

A business plan isn't about the document itself, but rather the discovery process you use to create it. Business plans can be tackled in several different ways, but all should go after the same result — to clearly demonstrate the viability of your business to generate revenue and turn a profit.

Your plan needs to state the business case for the business itself, discuss the marketplace, cover the financials, include a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis and much more. It's a lot to think about. Too often entrepreneurs decide to jump right in rather than take the time to properly plan.

The benefits of planning and the investment in the time it takes to write the plan are invaluable in the end. Thinking through your start-up costs and revenue projections ahead of time, for example, will help you make the types of decisions that could be the difference between your business losing money or generating a profit.

When you're ready to start your business plan, create manageable goals and hold yourself accountable for meeting deadlines. The easiest way to get started is to create a task list with manageable goals and deadlines. Here are some tips to make writing a business plan less intimidating and easier to accomplish.

Don't attempt to write your plan all at once. Break up your plan into smaller sections and tackle each section one at a time. A great way to work through a business plan is to first create an outline. This will naturally create a guide for you to build from and keep your plan well-organized, so you avoid feeling overwhelmed.

Schedule time to work on your plan. Get out your calendar and block off time each week to write. When you create a schedule and stick with it, you'll complete your plan faster and be ready to launch sooner.

Use technology and other resources to your advantage. There are several free templates that you can utilize as you start your business plan. SCORE offers a range of business planning templates for download that can give you a head start.

Get feedback along the way. Ask a trusted friend or your SCORE mentor to read through your plan as you go. They may offer suggestions on how to improve or clarify different sections. Writing a business plan can be an overwhelming task. But, with the right approach and support, your plan will give you more clarity into and validation of your business concept than just about any other tool. You can make the writing and planning process easier and far less intimidating with a SCORE mentor by your side.

Donna Probes, M.B.A., spent 10 years as a small business owner. She is retired from the Traverse City Area Chamber of Commerce and is active as a SCORE mentor as well as a professional musical performer. For more information on SCORE, visit www.traversecity.score.org.