Creative Futures, LLC

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Planning and Small Business , assorted research projects have demonstrated the potential benefits of business planning.[vii] Although the statistics on business failure are sometimes daunting such as the findings of studies conducted by Headd, Shane and Phillips & Kirchhoff that suggest that 33% of businesses fail for performance-related reasons,[viii] developing business plans that work by embedding the planning process into your business practices could improve performance and reduce the risk of failure. Studies by both Gibson & Cassar [ix]and Lyles [x] support this assertion as well as the recommendations of the SBA and SCORE that formal planning is an important activity for small business. Gerber states that “Your business plan is the link between the work of your business and the vision that work is intended to produce.”[xi] In other words, your business plan works for you when it leads to systems, practices and procedures that give you the feedback that you need about how your business is performing so that you can know whether your business is doing the work it was intended to do and whether it is doing it well.

When your business plan comes off the shelf to become the blueprint for your business, you have a business plan that works because it creates the clarity and direction that is essential to business success. According to SCORE, your business plan should be a “living document.”[i] Done well, your business plan flows easily into the planning process since the critical metrics that measure how you are doing can be drawn directly from your plan.

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