George S. May Business Blog

5 Tips on Business Planning

1. Plan long-term. Get rich quick schemes NEVER work. Write out where you want to be in five years. Also, always remember, sometimes short term expenses pay-off in the long run. Do not be discouraged if your company comes out the gate spending more than it is making.

2. Define your business idea exactly. Do not leave anything to be determined. In order to achieve your mission you must have clear cut goals.

3. Do not let somebody else write your plan for you. If you are going to run a business you are going to have to learn all the inner-workings at some point. If you need help, seek help from an advisor, but do not let them do all the work for you.

4. Figure out exactly why you are starting this business. Is it because you love the field or because you think it will make you money quickly? You must have a passion for what you are doing or it will never reach its full potential. Furthermore, by starting your own business you are getting yourself into a lot of hours of hard work, if you don’t like what you are doing you will become bored and your business will suffer.

5. Once you have written out your business plan it is ok to make changes at a later date. In fact, you probably should. People change, the state of the economy changes, therefore your plan should change accordingly. Take time to review your plan regularly and make sure you are still on track with your end goal.

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