The Business Planning Process

Like anything in life, a good business plan requires careful planning. By putting pen to paper you are actually stepping though the planning process. A business plan will allow you to see possible obstacles that may have been invisible up to this point.

Identify your vision & imagineer it - "Imagineering" simply means using your imagination to engineer (or plan, design, and construct) the future you want. What is your vision for the future? Is it to develop a revolutionary new product or is it to help others gain their peak potential? Perhaps it's as simple as gaining financial independence or sending your children to college. Let your imagination run wild. Once you have defined your vision, bring it down to earth by developing a plan and setting goals and objectives. To keep from getting stuck in a rut, use your imagination to identify and brainstorm the different ways you can reach your goals and objectives.

Seek agreement - Starting a business is hard work. It is more so if you do not have the help and support from family and friends. It is important that everyone who shares the same vision as you give you their committed support. To save yourself time and frustration, resolve any differences with your family or colleagues before you begin writing the business plan.

Use the SWOT Analysis - A SWOT Analysis is an analysis of you and your business strengths, weaknesses, opportunities and threats.

The 4 steps of SWOT Analysis are:

• (S) Identify strengths. What are your strengths?
• (W) Identify weakness. What are your weaknesses?
• (O) Identify opportunities. What opportunity exists for you?
• (T) Identify threat. What are the threats to you?

Once you have completed a SWAT analysis on yourself, you should also complete one for you business.