Good management requires setting specific objectives and then tracking and following up. I'm surprised how many existing businesses manage without a plan. How do they establish what's supposed to happen? In truth, you're really just taking a short cut and planning in your head--and good for you if you can do it--but as your business grows you want to organize and plan better, and communicate the priorities better.
Be strategic. Develop a plan
Your business plan can also to help decide what's going to happen in the long term, which should be an important input to the classic make vs. buy. How long will this important purchase last in your plan...?
You can use your plan to set targets for new alliances, and selected portions of your plan to communicate with those alliances; deal with professionals.
You should share selected highlights or your plans with your attorneys and accountants, and, if this is relevant to you.
Lastly for today your business plan can help you sell your business. Usually the business plan is a very important part of selling the business. Help buyers understand what you have, what it's worth and why they want it.
As we continue in this our month long series you are surely going to learn much more...
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