Prepare For the Success of Your Venture
Statistics suggest that there are as many as 500 million prospective business owners around the world, each having an average of approximately three competitors, each vying for the same markets and the same investment capital. There’s one sure way to give yourself and your business an advantage—prepare a comprehensive business plan. December is the perfect time to do that, as it has been designated as “National Write a Business Plan Month.”
The History of National Write a Business Plan Month
Most research indicates that the idea of creating a written business plan originated in the 1800s in France, where entrepreneurs in the coal-mining business introduced the concept to boost potential investor confidence. The documents prepared by some of the coal-mining entrepreneurs in 19th century France included many of the standard components of the modern-day business plan, including short and long-term goals, financial projections, performance assessments and proposed milestones or targets for each year.
Interestingly, in the United States and in most of Europe, the first “business plans” were drafted and utilized primarily by government entities and agencies as part of the annual budgeting process. With the rapid growth of industry around the turn of the 20th century, many private entities began to follow suit.
How to Get the Most Out of National Write a Business Plan Month
First and foremost, take the time this December to start that business plan. A well-conceived plan may take a few months to finalize, but getting started can be the most difficult part. There’s software available that can walk you through the process and there are professional consultants who can help you create the framework for a successful venture.
To maximize the prospects for putting together a successful business plan, keep the following in mind:
- Set incremental goals—It’s great to know your destination, but the best way to get there is through a series of small steps. Set micro-goals, ones that you can attain, so that you stay motivated.
- Share with others that you are preparing a business plan—This can be a really effective form of checks and balances, as others will help keep you on track
- Don’t try to do it all at once—Give yourself a specific block of time when you work on the business plan, so that you don’t burn out or lose interest
