Plan your work, work your plan

I was talking with a retired businessman the other day about our upcoming business plan competition and how important business plans are.  He mentioned that when he bought his company, it had about $80,000 in annual revenue and within five years he grew it to over $5 million annually.  He also said that his business plan was a work in progress and he revised it annually with a section on what they had accomplished in the past year and what their goals were for the next year.

It was very refreshing to hear how he was able to grow his business, and how he utilized his business plan as a working strategic plan, not just something that was collecting dust.  While there have been many successful companies that started without a formal business plan, writing a business plan can help new business owners to determine how much start-up cash they need, how to determine their market, figure out cash flows and identify their strengths and weaknesses.  In today’s economy and tight lending market, a bank or investor is almost certainly going to want to see your plan and you can gain credibility by having a solid business plan.

We are very excited to be offering a half-day workshop, MBA in a Day, on September 15th for Yakima Valley entrepreneurs and business owners.  There will be sessions on legal issues, financial management, marketing and business planning.  The workshop officially kicks off our Enterprise Challenge Business Plan Competition which has been developed to identify and reward innovative new business ideas and solid business plans.  Cash rewards to the winners could provide exactly the kind of seed money that an entrepreneur needs to get their venture off the ground.

Click here for more on the contest or workshop!