The key to business success is having a clear vision of what you want to accomplish as a company, experts say.
But before you write a business plan, you should come up with three to five key strategies that will enable you to achieve that vision, advised Evan Singer, CEO of Smart Biz, a provider of SBA loans. "It's far better to do three things very well versus 10 things not so well." Tied in with building the vision for your business is also putting together a mission statement.
She added that from the mission statement, it is an easy transition to develop your "value proposition" statement that defines what makes you unique in the marketplace and how you intend to differentiate and position your business.
Alex Muller, senior vice president and chief product officer of GPShopper at Synchrony Financial said a good financial model should include many of the details you would put in your formal business plan – for example, hiring, pricing, sales, cost of acquisition, expenses and growth.
As an impatient person myself, I fully understand the desire to skip over the business plan stage, especially if you’re launching a business in an industry that you have some experience and familiarity with.
For example, if you’ve worked as a CPA for 10 years and you want to strike out with your own CPA firm, you may feel like you know everything you need to know.
Jennifer Post graduated from Rowan University in 2012 with a Bachelor's Degree in Journalism.
Having worked in the food industry, print and online journalism, and marketing, she is now a freelance contributor for Business News Daily and
Let’s face it: When you’re excited about your great new business idea and can’t wait to get going, the last thing you want to do a sit down and spend weeks or months crafting a business plan.
As the world of business has gotten less formal and the pace at which startups come to market has sped up, many entrepreneurs have begun to question whether a business plan is necessary anymore or as outmoded as the typewriter.