A Road Map for your Business

At this time of the year it seems as though more of us are on the road. Of course there are also more cars on the road during other times of the year as well. And if you spend any amount of time in your automobile, you may often wonder, as I do, if people have any idea in what direction they are headed.

Over the past half-century the American Automobile Association, more commonly known as AAA, has established itself as the patron saint of the American motorist. One of the more popular services offered by AAA is the Trip Tick.

The Trip Tick highlights a map with the best routes to take if a trip is planned in the near future. Simply said a road map that will give clear concise directions to the traveler.

Just as the traveler can be aided by using a map, so can the business -person. A more commonly referred to name of a map for the business- person is the business plan. A well-written business plan will be advantage from two perspectives, as a road map and a resource when borrowing money.

Quite often the well-intentioned business owner will start off in the correct direction, but become lost when trying to become all things to all people. A quick review of the business plan will show how the business was side tracked from its original route.

In addition, should a business ever want to borrow money from a bank the business plan will reassure the loan office that the enterprise is being operated in a prudent manner.

A business plan is very similar to an outline for a paper that was written in school. There are six components that comprise a business plan: Description of the Business; the Market; the Competition; Location; Management and Personnel.

Certain parts of this plan need to be narrative in nature, but whenever possible use bullet points to make the document more readable. There is no particular length that a business plan must be. The only requirement is that it address all aspects of the business.

Writing a business plan is no overnight venture. Quite the contrary. The business plan demands that research be conducted to find the answers that will in turn give clear directions for the business owner to utilize. No resource should remain uncovered.

Even the best-planned trips will require an occasional detour. The same is true for a business plan. It is critical that a business owner be prepared for changes in the pre-determined route. Planning the implementation of different alternatives should a problem crop up is smart management. Expect the unexpected.

Traversing the terrain of the business wilderness can be a rewarding experience. Having a written business plan as a map and guide for the trip would be very wise.