Writing a Business Plan
Thursday, January 28, 2021
Deuel Area Development, Inc.
January 11, 2021
Writing a Business Plan
Recently I had an application come across my desk for the use of our Deuel Community Kitchen. The application can be found on our website and this is where this gentleman found it. As a side hobby and business, he plans on driving from Mitchell to use ours in Toronto. That’s quite the commitment. In the last couple of years we have not had anyone using our incubator, but with Covid, and so many more kitchens being supported out there, ours at the Deubrook School is available but not in high command. Fortunately the superintendent and kitchen manager support this program for entrepreneurs to start a business and that was the original intent. The gentleman sending in his application replied however, that he did not plan on doing a business plan for his product.
This is where I want and will address him and his application. Business plans should not be a scary, monumental problem to address. Every business or even hobbies can benefit from having a business plan. Have you heard the saying “if you fail to plan, then plan to fail.” A business plan is not just paperwork. Some might think a bank gives the plan purely to for those seeking to receive a loan, but nothing could be further from the truth. The primary beneficiary of a business plan is the business itself.
Some find it very intimating to get started; or even to think about doing. But it does not need to be. When I began this position in 2011, I discovered that the DADi office had 2 grants awarded it to help DADi focus the office on E-Coaching (E=Entrepreneur). During my tenure I cannot tell you the number of people who have stopped in to talk about writing a plan, or have done one. Just last year in 2020, I had 11 individuals contact DADi, just for this purpose.
Business plans can be a standard format much like writing a report for school. I personally guide my clients to write the narrative, to include the Table of Contents, Cover Page, Executive Summary, Business, Management, and Marketing. Once these are completed with or without my help (sometimes I help proof or help type), I then call in the Regional Director of SD Small Business Development Center and she reviews what the client has so far and then helps them personally with the money portion of the plan. This is a major bonus when you’ve gotten that far and they can help you now begin to see the whole financial picture.
The business owner needs to take the lead in the planning process. They have knowledge and insight that no one else has. The business owner simply needs to get it out of their minds and onto paper to start to see their ideas and dreams come to life. The business plan is a major part of it. It’s also important that this may not be in the timing for the owner to get started, so a business plan is important to have on their shelf for when the time is right. Also, should a business get off the ground and become successful, that business plan will in all likelihood be of help and come in handy when the day comes to sell the business.
Business plans help the owner analyze strengths, weaknesses within the business and industry. It also helps identify new opportunities for the business like helping set a benchmark which can be used to measure the success and to take corrective action when and where needed. You basically make the plan then work the plan. Planning takes time and is ongoing, but in the long run the benefits will outweigh the costs.
DADi’s Annual Meeting for 2020 will be held February 10th at Tailfeathers (Restaurant, Bar & Bowling Alley). Social time begins about 5:30 in the dining room, a light supper and meeting begins at 6:00pm. The membership and the public are invited to attend. Please RSVP to DADi 874-8038, by February 9th. We hope to see you there.
Category: The Directors Corner