SCORE Minnesota

The Importance of Business Planning

February 3, 2011

The world’s most successful businesses and entrepreneurs have business plans that generate the results they desire. In today’s highly competitive marketplace, having a plan of action that generates results is critical to your success and financial security. Yet developing a business plan that is realistic and viable is an art form. It requires discipline, effort and a solid understanding of core business principles.

While entrepreneurs are ready to embrace the risks of self-employment, few understand that those who sustain success over the long-term are different. Enduring entrepreneurs do more than just dream of being a success because they have the drive and discipline to make their success a reality. Starting a business requires a series of steps in the climb to success.

Being an entrepreneur is much like being a mountain climber – it is very risky. Mountain climbers focus their energies and make their assent only when they have the right equipment, stamina and weather. Successful entrepreneurs enhance their potential for building a business that lasts by implementing business planning principles.

The greatest challenge in starting a business is to do everything you can do to reduce the risk. The key tool to help you develop the road map for your business success is to develop your business plan. This planning also requires that you consider your personal and financial capabilities and how you will marshal them for your business. You also need to evaluate the market dynamics and real revenue potential for your business.

Yet planning is not enough. You need to learn how to implement your plan and have the flexibility to make course corrections as you gain new market insight and as your competitors respond to you.

Jill Johnson, President of Johnson Consulting Services, is one of eight speakers who will share their insights at a special Going Into Business seminar on Tuesday, Feb. 15, 2011 at the Wilder Center, 451 Lexington Parkway North in St. Paul. 

Click here for details and registration information. 

The Going Into Business Seminar is the first of six seminars sponsored by the St. Paul Chapter of SCORE designed to provide a thorough introduction into all aspects of starting and operating a small business successfully.

Jill Johnson,
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Filed under: Business Planning,Entrepreneurship,Start-Up