Why Having a Written Business Plan Is Essential to Your Success

You’ve probably heard before that, in order to really have success in business, you need a written business plan.  Trouble is, most small business owners and entrepreneurs don’t take the time to create one.  They see it as something that’s only important if you’re looking for a loan or trying to raise venture capital.  That’s a fatal mistake in many businesses.

I recently co-authored a free report called 6 Mistakes That Could Destroy Your Business - And How You Can Avoid Them (110).  Please click on the link to get your copy now.  And don’t worry: there are no strings attached. 

I hope you enjoy the report and, more importantly, I hope you take some action on it.  Just like you can’t build a sturdy house without a well-drawn blueprint, you can’t build a successful business without a well-thought out, written business plan!

Are You Afraid to Sell?

Here’s a scary statistic for you: according to the US Small Business Administration, about a third of new small businesses fail within their first two years, and a total of 56% fail within their first five years.  Any gambler will tell you: those odds suck. 

And why do so many new businesses fail?  Studies say that this high rate of failure is primarily because businesses have a difficult time making a profit in their first year and run out of capital.  I disagree.  I say it’s because most business owners are afraid to sell.

Have a look around you at any business mixer geared toward small business owners and entrepreneurs and what do you see?  A room full of intelligent, industrious, charming people interacting and exchanging contact information via the business card swap.  They’re here to “make contacts” and “expand their network”, and they are, for the most part, pretty good at working the room and meeting new people.

Fast forward to the following morning, and what do you see?  Those same intelligent, industrious, charming business people, sorting through all those business cards and putting the information into their databases and CRM programs, flagging them for follow up, then moving on to other “more important” tasks.

Continue reading Are You Afraid to Sell?…