Page 175 - Business Plans that Work A Guide for Small Business

164 • Business Plans that Work

Although this book lays out the business plan as a sequential process,
you must remember it is iterative. Writing one section has implications on
the other sections of the plan, and you will find yourself revisiting those
sections continuously. That is why it doesn’t matter that the business plan
is obsolete the minute it comes out of the printer. Harkening back to
Chapter 1 where we talked about the Timmons Model, the planning pro-
cess helps you do the following:

1. Gauge the nature of the opportunity
2. Shape that opportunity and create a plan to launch and grow the
business
3. Enhance your ability to articulate the value-creating potential of your
company

Having worked with hundreds of entrepreneurs throughout the years,
we are always impressed at the tangible growth in clarity of the entrepre-
neur’s vision during the business planning process. The process forces
you to ask and answer important questions. It helps you identify the criti-
cal assumptions, or leaps of faith, that must occur for this business to
succeed. Once you understand those assumptions, you can take steps to
reduce the uncertainty around them. More knowledge will enhance your
chances of success.

Conclusion

Welcome to the entrepreneurial revolution. We hope that you have found
this book useful as you embark on your entrepreneurial endeavor. By go-
ing through the business planning process, you will improve your chances
of success. The process and the discipline put you in charge of evaluat-
ing and shaping choices and initiating action that makes sense, rather
than letting things just happen. Having a longer-term sense of direction
is highly motivating. It is also extremely helpful in determining when to
say no (which is much harder than saying yes) and can temper impulsive
hunches with a more thoughtful strategic purpose.
When you have successfully launched your business you will con-
tribute to the country’s economic vitality. Your business will likely create
jobs not just for you but for others. Your business may well be a last-
ing legacy that outlives you. Remember to think big. Companies that
grow will survive and prosper. Because of their innovative nature and