5 Reasons Why You Need a Business Plan: Don’t fall for the “Walt Disney” syndrome.

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So…by now you know what the “Special Announcement” is—-KLP will begin offering Business Plan Classes! One of KLP’s strongest corporate values is continuous education and we are pleased we will be able to start offering these services in January. For more information, visit www.kendricklaw.net.
For now, this blog is about the IMPORTANCE of having a business plan. There are many “business consultants” that say “You don’t need a business plan. XYZ Company didn’t have a business plan and they made millions!”. Well…that’s like saying “Walt Disney dropped out of high school so you don’t need a high school diploma.” Give me a break….don’t fall for that foolishness.
Here are the top 5 reasons a business plan is VITAL to the success of a business (unless of course you believe you are the next Walt Disney and EVENTUALLY…he needed a plan)
  1. Business Plans are for YOU more than investors and the banks. While its necessary to have a business plan if you are soliciting investment funds or a loan, the business plan helps YOU the most as a business owner see your overall business strategy in writing. I update my business plan once a year…and I haven’t solicited for any money ever.
  2. Business Plans are GREAT as reference points. Listen, your business plan WILL change at least 3 times during the course of a year. Circumstances change, personnel change, priorities change. So a business plan is not the “Bible” of your business, but acts as a general guide for your overall business strategy.
  3. Business Plans force you to focus and think. A study says that humans have at least 10,000 thoughts a day. Having a business plan forces you to think and focus on your business and memorialize it on paper. This helps you weed out that “random and non-sustainable thought” you may have had during the day and hopefully focus on the most viable parts of your business.
  4. Business Plans show you mean business. This is true for outside parties as well as to family and friends. How many times have you been at a gathering and someone has this “great idea” but hasn’t put it on paper or had their idea fully vetted? Would you invest $1M in a business that doesn’t have details on paper? I wouldn’t.
  5. Business Plans protect you. This is where the lawyer hat comes on. Business plans should have a comprehensive section on risks where you lay out every conceivable risk with your business. This becomes helpful and protects you when you go to solicit funds because it’s a “CYA” on risks with investing or loaning to your business. If done right, no one will be able to say “You didn’t tell me……”
Well…if that wasn’t enough to show you Business Plans are a GREAT investment for your business, I’m not sure you would benefit from our classes. But viewhttp://www.youtube.com/watch?v=nRj3NcLEVcw from an actual KLP client if you don’t believe us.
But if you are serious about growing and protecting your business, check out our Business Plan classes and we hope to see you in January!
KLP Business Plan Classes-page-001

 

Best Professional Regards,

Dar’shun N. Kendrick, Esq./M.B.A.

For the Firm

3035 Stone Mountain Street, #630, Lithonia, GA 30058 * (678) 739-8109

Visit our website at www.kendricklaw.net for more information OR

– Book a FREE 15 minute phone consultation or 1-2 Hour POWER Business Consultation

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December 9, 2013 · 9:00 AM

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