A business development plan is not something that forever dictates how your business must operate. It's a starting point, and you should create one for your business. There are many reasons, though, why you'll need to change it. If you're unwilling to make the necessary changes, and respond to new facts and circumstances, then you're setting yourself up for business failure. You may have to change your business development plan for the following reasons:. If you've been in business for a few months and have a better understanding of what it is you really want to do, it may not be the initial business you had in mind.
Careful academic research on the business start-up process reveals that many entrepreneurs never write a business plan. These studies also show that writing a business plan helps entrepreneurs in a number of ways, including improving their odds of successfully developing a new product, organizing a company, accessing external capital, obtaining raw materials, generating sales and surviving over time. Regardless of what measure of performance academics have looked at, research shows that writing a business plan has a positive impact. I am not a fan of writing business plans! I have started a fair number of companies and have never written a business plan.
For many small business owners, maintaining positive cash flow and a stable balance sheet can be an ongoing battle that consumes virtually all of their time. Even retirement often seems like a distant speck on the horizon, let alone plans to hand over the business. However, establishing a sound business succession plan is beneficial for most business owners and can be absolutely necessary for some. For business owners that are at or near retirement, the issue of succession cannot be ignored.
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