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Planning most important small business tool

| Sep 19, 2014 | Business Formation & Planning |

Michigan entrepreneurs and small business owners are probably energetic, productive individuals. They may not want to slow down long enough to create a plan for their enterprise and their time. However, a plan may be the most important tool they have for making sure that their business is moving in the right direction and that they are focusing their skills and energy on necessary activities.

There are many stages to a successful business plan. The first step is putting together an annual picture of where the company is headed. This provides a map for decision making over the course of twelve months. It can also help keep motivation up and costly distractions at bay. The plan can be updated and fine-tuned every quarter. This is especially important for seasonal companies.

Reacting to business environment changes requires more than a quarterly look to move down the path of success. Monthly planning helps to ensure that the right actions keep being taken and that missteps are corrected or avoided in the future. In the near-term, planning weekly and daily activities ensures energy is expended on the items that are going to match the annual plan and keep the company successful into the next year.

The owner of a small business is usually its most valuable asset. Business planning helps ensure that the resource is working in the best way it can for the benefit and future of the company. If a company needs to change its organizational structure, acquire another entity or enter into some strategic, long-term contracts, input from a business attorney may help the owner ensure the future of the entity is not jeopardized.

Source: Business 2 Community, “Unzip Your Success! 5 Types of Planning Every Small Business Needs to Succeed “, Jackie Nagel, September 06, 2014