Do I REALLY Need A Business Plan?
Joe finally made his decision. He was ready. No more forced dispatch. He was going to be the owner and he was going to make the decisions. In fact, the more he thought about it the more excited he got. He couldn’t wait to get home and get things started. Here was Joe’s plan:
1. Tell his dispatcher he needed a few days off. Probably 4-5 days would do.
2. He could go to the Kenworth dealer when he got home; he had an old friend who was a salesman. Joe was sure he’d get a good deal.
3. He could probably sign a lease with his current company they had several O/O’s already leased on. He could talk to the company owner when he got home.
4. Worst case scenario he could be up and running by the end of next week for sure.
The next morning Joe was out of the bunk at the crack of dawn and into the Petro for a quick breakfast when he had an idea. Joe’s uncle had bought and sold several businesses. Joe thought it would be a good idea to call his uncle. You never know, thought Joe, he might have missed something. In later years, Joe would credit that phone call to his uncle as the single most important decision he ever made.
Uncle John listened intently as Joe poured out his ideas for starting his business including the four step plan. Uncle John was thrilled that his nephew was thinking about his own business. But, Uncle John was very concerned about Joe’s start-up plan. Uncle John knew that the number one reason for new small business faliures was a lack of planning. Uncle John also knew there were other pitfalls as well but those could be dealt with through proper planning. Uncle John stressed the benefits of a business plan:
1. The process of putting a business plan together forces the person preparing the plan to look at the business in an objective and critical manner.
2. It helps to focus ideas and serves as a feasibility study of the business’s chances for success and growth.
3. The finished report serves as an operational tool to define the company’s present status and future possibilities.
4. It can help you manage the business and prepare you for success.
5. It is a strong communication tool for your business. It defines your purpose, your competition, your management and personnel. The process of constructing a business plan can be a strong reality check.
6. The finished business plan provides the basis for your financing proposal.
When Joe hung up he was both excited and disappointed. He was excited because he knew his Uncle was right. Proper planning would help make his new business a success. He was disappointed because he REALLY wanted that new Kenworth.
Joe and his Uncle agreed they would spend the next several days creating a business plan which was appropriate for Joe’s new business. Thanks to his Uncle, Joe was off to a good start.
Come back and visit to “listen” in as Joe and Uncle John discuss what his business plan should look like in our next post.
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