PA SBDC Network Celebrates National Write a Business Plan Month

It’s the time of year for making a list and checking it twice … to help make sure your business readiness will suffice.

December is National Write a Business Plan Month. The month long celebration was created to help prospective and current business owners small and large stay organized, be prepared, and keep their companies running smoothly.

If you have a great idea for a new business, don’t wait to make a New Year’s resolution. To hit the ground running after the calendar flips, resolve to spend the month of December formulating a business plan. As important to potential success as your initial spark of inspiration, a plan acts as a roadmap, helping you avoid pitfalls and get your career in gear.

Why is it important? Here are five key reasons:

  1. It forces you to look at your business in its entirety.
  2. The plan becomes a tool to manage your business.
  3. It demonstrates to others your goals and objectives.
  4. It provides a basis for your financing proposal.
  5. It creates a yardstick by which you may measure and evaluate changes.

There are nearly 32 million small businesses in the United States, including over 1 million in Pennsylvania, according to the U.S. Small Business Association. If you want to stand a chance competing with established entities, or if you hope to build on prior successes, outlining your aspirations is a must.

Essential elements of a great business plan include an executive summary, a market analysis, a company description, a management and organization structure, a list of services/products you plan to offer, a marketing plan, a request for funding, and financial projections.

The Pennsylvania Small Business Development Centers (PASBDC) network offers free, confidential consulting to help you as you develop your business plan. Find your local center at pasbdc.org/centers to schedule an appointment for assistance.

Keep your friends and followers updated on your progress with the hashtag #WriteABusinessPlanMonth on social media.

In this season of giving, don’t forget to give yourself something.