Here’s a different kind of awareness topic for you: National Write A Business Plan Month. SRQ Business Alliance always endeavors to encourage folks to plan, organize, and execute entrepreneurial ideas, so let’s find out why we should learn to make a business plan this month.
Business Plans: French Roots
It was arguably the French who first constructed what we’ve come to know as business plans beginning in the 19th century. Their coal-mining businesses knew the importance of planning and sequencing. Even something like safety testing with a “canary in the coal mine” was a form of business planning. Again, the mining companies drafted the first plans in roughly 1800.
1950’s – It Became Big in America
During the mid-20th century, the U.S. government began using the concept the business planning in the Office of the Management of the Budget (OMB). This was essential for the federal government at a time of increased complexity. The Small Business Administration (SBA) invented National Write A Business Plan Month in 1953 to promote better management of small firms. By the 1960s, many banks and lending institutions began to expect business plans and prospectuses before lending.
Why Should You Create a Business Plan?
Even if you’re not starting a business that requires startup funding, you should prepare a business plan. It’s also not just something you do at your business launch. You should revise your plans at least annually. It’s a great time for everybody involved to renew their understanding of the company’s purposes, financial vitality, long-term vision, and toughest hurdles.
In a nutshell, a business plan is akin to a roadmap that guides where you intend to go in your chosen market. It typically includes an executive summary, company description, and market-survey analysis. There are plenty of online resources that can help you with each of these. Cornerstone.edu, for example, provides a user-friendly one like this.
SRQ Business Alliance knows how much you want to stay ahead of the curve with your business. That’s why you should write a good plan, stick to it, and revise it as circumstances dictate. Other than that, you’ll want to get involved with like-minded business professionals. That’s why we invite you to join our business alliance, where you’ll get great rates on all our events as well as discounts on sponsored listings.
There are tons of reasons to join, but feel free to contact us to find out all the details. You can call us with all inquiries at 800-807-4079. Don’t forget to take advantage of National Write a Business Plan Month!