Why do more than 50 percent of small businesses fail in the first two years? One would argue it’s because they run out of money, and yes that would be true…but the big question is why did they run out of money? Most likely because they didn’t plan it out. Planning at every stage of business is critical to its longevity. The Nevada SBDC exists to help small businesses assess, launch and sustain. The center of this sequential process is the planning.
In a hands-on seminar on Feb. 24, Tamera Brown will work through how to create a solid business plan, as well as how to start, and set effective goals. The free seminar, entitled “The Business Plan: What is it, why do I need one, and where do I begin?” is taking pre-registration online at www.nevadasbdc.org. Handouts are guarenteed for those that pre-register.
Preparing a business plan is not only essential for securing funds during the start-up phase, but it is also a vital tool to help owners manage their business more effectively. Without a plan a business is essentially rudderless, and day to day activities are likely to be haphazard and reactive. In stark contrast businesses with a plan can often anticipate potential problems and solve them before they become disasters.
The process of planning allows an owner to analyze their company’s mission, to prioritize and to define action steps needed to accomplish specific goals. The process also forces a business to evaluate their ever changing market, customers and their competitors in order to determine how to best position their business for success. Business plans can also help owners decide whether new assets are needed, manage cash flow, provide an honest assessment of the business’s strengths and weaknesses, and can even help plan an exit strategy like the sale of the business.
“A famous quote by Benjamin Franklin, ‘By failing to prepare, you are preparing to fail,’ really emphasizes how instrumental a plan is to the success of a business,” states Tamera Brown, a business counselor with the Nevada Small Business Development Center. If you are ready to develop a strategy for your business’s success, attending this workshop is the first step towards achieving this goal.
For more information on the seminar or how to register, call Tamera Brown at 775-721-2891 or Nevada SBDC at 775-784-1717.