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Chris LoCurto


March 18, 2014

Business Plans [Podcast]

March 18, 2014 | By | 4 Comments">4 Comments

I’ve been writing a series of posts on business plans – why you need one, how to write one, the importance of mission and vision, etc.  I wanted to talk about it on the podcast because it’s a topic that comes up all the time.

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If you’re starting a new business, creating a new division in your company or launching a new product, you need to know the ins and outs and be able to explain every detail of the new venture. Many entrepreneurs write a business plan for an investor, which I don’t recommend. Instead, I think a business plan should exist to answer questions like:

  • What are the start-up costs?
  • What’s the viability of the product, service or company?
  • Define the product, services, customers and competition.
  • What’s the vision? Where are we going and what does it look like when we get there?
  • What’s the mission? When, why and how are we going to accomplish the mission?
  • What are the goals? Goal setting isn’t dreaming. Goal setting is the actual plan and steps to accomplish the vision.
  • What’s the selling strategy? What are we selling and who are we selling to?
  • What’s the marketing platform? Who’s the right customer? Do we understand the customer? What kind of market research has been done?
  • Who’s doing the work? Are you utilizing sub-contractors or hiring employees?
  • What is your budget? Do you have a sample profit and loss for the next 90 days, 6 months, and year?

These are all important questions you must answer and understand. Once that information is outlined and in place, then you can move forward. If you would like help with the process or anything else when it comes to operating your business, check out the Work With Me tab and go to the Coaching page. We can schedule a time to get together over Skype or in person if you’re in the Nashville area.

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Question: Where do you get stuck when it comes to creating a business plan?

  • Matt McWilliams

    I usually hate business plans. I am more of the shoot from the hip type.

    But…you sure make a good case for them. I’m becoming more disciplined with them and realizing that they aren’t the ten commandments. They aren’t set in stone and they are meant to evolve.

    • Chris LoCurto

      That’s absolutely true Matt! It’s a guide, not a law. Good stuff!

  • Christian den Otter

    I seem to get stuck in the Goal section. I come up with a goal, put together the steps I will need to achieve the goal, break the steps down into tasks, put dates with them, but I often get half-way there and realize one of two things. Either I can’t move as quickly as I thought I would be able to, or circumstances seem to move the goal away from me faster than I can race towards accomplishing it. At that point, I tend to “move the goal-post” closer and try again, but that can get discouraging and stick in your mind when you want to set new or different goals.

    That ultimately leads to frustration because the next time I go to set a goal, I immediately wonder if I made it too big/far, or if I even have all the information I will need to formulate the steps to get me there. That leads to setting really small “gimme goals” which almost feel like cheating, but also robs me of reaching or setting the really big goals.

    • Chris LoCurto

      I would totally set smaller goals that are a part of the bigger goals. You need the wins, but you also need to keep moving forward. Nothing wrong with that. Thanks Christian!