How Much Time Do You Spend On Planning Your Business Or Venture?
I have helped quite a bit of users here on business planning, some financial stuff and business in general, but what comes to mind is how much time and energy people actually put into planning?
Do you feel that if you should plan better you are more likely to succeed?
It depends on the business or venture. But, in short yes, planning will usually make a big difference. Creating a business plan is a very key part of keeping your imagination in check, and a good business plan will take a few weeks to prepare after all the research is done.
A business plan should identify exactly what you plan on doing, when and how. For instance if you want to start a cleaning service business, Your business plan will identify your up front costs, how much capital you will need for things such as material, advertising, gas, etc. who your ideal clients are and where they are, the plan should also set realistic goals and show how your going to spend the money you make. The BIGGEST mistake people make when going into business themselvs is thinking that the money they make is theirs, it’s not. Its the businesses money and in order to grow you need to take a very modest cut & use the profit to help the business grow, advertise more, buy better product put the money to good use and it will make you more money.
And the reason that most people put so much time into business plans is usually because banks & lending institutions require them before handing out any capital, unfortunatly so many people forgett about the business plan after they get the money
Comment by mr.mars- — December 1, 2009 @ 10:47 pm
We have several planning meetings every month. We have a 1-hour meeting every Friday, and we have a 4-hour meeting once a month. In addition, we have a one-week planning meeting every year.
Comment by lightnin — December 1, 2009 @ 11:13 pm
yes, i agree. i plan two – three weeks in advance for trips. when i am assigned a project in college, i begin the research as soon as i am able. when i plan in advance, i do succeed.
Comment by jdkilp — December 2, 2009 @ 12:12 am
The first family business that we open I planned for about six months. This time I am personally opening my own business. The entire thing took me about two years. I took some business classes, I went to other competitors in the area monthly, I took surveys, research, and made a complete business plan. I took marketing classes as well. From start to finish everything took about two year. From the first time the idea came to my mind to completion. Yes because of my detail planning I think I will be more successful because there are many mistake I will be not be making a lot of mistakes because of my detail analyst
Comment by c s — December 2, 2009 @ 12:24 am
Yes
Comment by Errolyn2 — December 2, 2009 @ 12:42 am