Business/Small Business

3 Reasons You Need a Business Plan
By Joy Burgess


If you are starting a business of your own, one of the most important things that you can do is to develop a business plan for your new business. Having a business plan is actually like having a compass to guide and direct your business in the way that you want to go. If you take the time to develop a great plan, you will be able to see progress and achievement that will ultimately lead to the success of your business.
For those who still have questions as to why a business plan is so important, the following are three great reasons why you need to have a business plan.
Reason #1 - Attention to Detail - One of the most important reasons for you to develop a business plan is so you can have something that will help you consider present and future details for your company. More than likely there are many different aspects of your business that you have failed to consider, and developing a business plan can help you find them so you can plan for them ahead of time. When you develop a plan, it gives you the options to be able to deal with any problems long before they occur since you are planning out the details now.
Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/business-and-lifestyle/22309-business-small-business.html
Reason #2 - Makes Funding Easier - Another great reason to get working on a business plan for your business is because it makes the funding process much easier. If you are planning on borrowing money from lenders or offering shares to investors, most will want to see where the company is going before they give you money. Having a plan already drawn up can show them where you plan on taking the company and you will be more likely to get the funding that you need. It is important that you develop a realistic plan with accurate figures as well in order to present a plan that looks credible.
Reason #3 - Management Help - Starting a business of your own is a huge undertaking, and it can be difficult to manage everything at times. Having a business plan can help you with the management end of your business, since you will have a drawn out plan of what you want to accomplish. Having your business plan will enable you to set and work towards both short and long term goals that will help your company become successful.
While you may be tempted to get started in your business without a business plan, more than likely your business is going to fail if you have no plan to act as a compass for your company. Having a business plan is crucial during all stages of having a business, and while it will take some work to draw up a business plan, the work will be worth it when your company becomes successful.
Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/showthread.php?t=22309



3 Reasons You Need a Business Plan

 
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Small Business Owners - 3 Key Points To Consider While Hiring Attorneys In Your Business Team
By Lalitha Brahma

When I ask Small Business owners what they would look for, when hiring Attorneys, I get one of the following answers:
I DON'T need an attorney at this time.
When I NEED an attorney, I will think about it.
Attorneys COST too much.
The process of hiring an attorney INTIMIDATES me.
As a Small Business owner I too can relate to this feeling. Now you have two options. The first option is to ignore the thought of hiring attorneys at all. Alternatively you can be AWARE and ask yourself-Why do I feel this way?
First of all you must consider hiring Attorneys PRO-ACTIVELY to PROTECT and GROW your business. This might sound like an expensive proposition for a Small Business owner. However NOT doing so will COST you much more. Secondly you must consider having attorneys in your business team as an INVESTMENT and not COST. Last but not least if you get familiar with using legal services, you will never be INTIMIDATED by the process of hiring attorneys.
Why you must consider hiring Attorneys pro-actively?
How many times have you had a great IDEA to expand your business, got excited and just implemented it ANYWAY and ended up in a HUGE LOSS because of compliance issues? Instead, how would YOU have felt, if YOU had the ability to pick up a telephone and ask YOUR attorney, if it is legal to implement your business idea BEFORE making the decision to expand? Do you agree that you would saved yourself from this huge loss? It is very beneficial for you to hire attorneys BEFORE even signing any document or contracts with your clients to KNOW YOUR RIGHTS, AVOID STRESS and FINANCIAL LOSS.
Why consider having attorneys in your business team as an INVESTMENT and not COST?
There are two ways you can interpret the word "INVESTMENT".
1. CONTRIBUTION of something such as time, energy, or effort to an activity, project, or undertaking, in the expectation of a BENEFIT.
2. An amount of money invested in something for the purpose of making a PROFIT.
Your attorneys are CONTRIBUTING their time, energy and effort to, give YOU the greatest BENEFIT of making YOU Stress free and EMPOWERED. Fees paid to attorneys for business purpose is generally tax deductible (Please check with your accountant). Hence your money invested is helping YOU to increase YOUR profit.
How to avoid feeling INTIMIDATED by the process?
We can avoid being intimidated, if we are FAMILIAR with the process. You could pre-pay a certain amount of money to your attorneys and utilize their services as per a mutual agreement. This way you will have the ability to contact your attorneys when YOU WANT. You could consult with them BEFORE making a business related legal decision. God forbidden, when you get into LEGAL PROBLEM, you will find it least INTIMIDATING to use their services, because you are VERY FAMILIAR with their method of operation.
Another option would be, when get into a legal problem, search for attorneys specialized in the related area. If you are satisfied, you can pay a certain amount of retainer fee and then hire an attorney. You have saved yourself from prepayment, but may have to put up with not being familiar using the attorney's services and feel intimidated.
Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/showthread.php?t=22309
Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/showthread.php?t=22309
It would be beneficial for YOU to make a decision on how you would like to pay and use the attorney's services, BEFORE hiring attorneys in your business team.
Action Exercises:
Here are two things you can consider doing:
Write down one costly mistake you made in your business without consulting an attorney, because you felt it would be expensive to hire an attorney or the process of hiring an attorney was intimidating.
How has your thinking changed now and what action would you take to avoid this situation in future?



Lalitha Brahma