A business plan is more than just a presentation you hand to a lender. It is a tool to help you develop and grow your business. Of course not everything will always go as you have planned, but without a plan you will have no clue where to go next.
“Plans are worthless, but planning is everything.” Dwight D. Eisenhower
Following are some tips for putting your business plan to good use and making it work for you, even knowing things are not likely to go exactly as written.
You should review your plan often and make certain you are still on the right track. Are your finances where you predicted they would be? Have you achieved you goals thus far? Is there new competition? Are you staying true to you plan?
A plan is a guideline for what you intend to do. It is meant to incite action, to be acted upon. It is not meant to simply be written and read. You have to do what your plan says you are going to do. Why go through all the trouble of writing it if you are just going to ignore it when it comes time for action? Put the hard work that went in to it to good use.
Bend, Don’t Break
Even though you know your plan will likely not play out exactly, there is no need to throw it out the window. Flexibility is the ability to bend without breaking. If your budget is not working out quite right, don’t think you have to immediately shut down. Maybe a merchant cash advance could help. It could at least give you some time to amend your plan and fix your problem. If you are using a traditional loan for a medical or dental facility, maybe you could look into specific medical and dental practice financing. Remember to keep your options open.
Biz2Credit can help with the financing part. Our network of lenders, over 1,300 of them, offer various financing products to fit many different needs. Visit Biz2Credit today for more information.