Here are a few highlights from an insightful article on business planning written by Rhonda Abrams in USA Today. Before you start a business or change an existing business model, learn why the old school business plan is a critical and necessary step.
Business plans get a bad rap, so think of it as business planning …Take the time to do your research, know what your costs will be …Then turn it into a form that is easy to present.
Some people now advocate outlining business models instead of developing business plans. A business model describes how you will make money, how you will monetize the product or service you are creating. … But you can’t launch a company with just a business model. It overlooks planning the structure you need to execute your idea, leaves out marketing and, most important, eliminates the vital process of developing financial projections.
To read the entire article, visit this link. To jumpstart your business planning, contact LGK Marketing Communications Collective to develop your plan and to maximize your momentum.