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BusinessWeek’s Top 10 Tips for Writing Your Business Plan © iStockphotos/Thinkstock Unit 12.

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Presentation on theme: "BusinessWeek’s Top 10 Tips for Writing Your Business Plan © iStockphotos/Thinkstock Unit 12."— Presentation transcript:

1 BusinessWeek’s Top 10 Tips for Writing Your Business Plan © iStockphotos/Thinkstock Unit 12

2 Tip 1 Create a Vision ©iStockphoto/Thinkstock Tip 1 “Once you have a clear road map for your business, you can plan your journey with more confidence.”

3 Tip 2 Tip 2 A Budget Isn ’ t the Same Thing as a Plan ©iStockphoto/Thinkstock “A budget should be the product of all the other elements in your plan.”

4 Tip 3 Tip 3 Don ’ t Ignore Your Customers ©iStockphoto/Thinkstock “Take the time to learn about your customers, and build your business plan around their needs and desires.”

5 Tip 4 Tip 4 Don ’ t Shortchange the Competition “If you assume your firm will be the only game in town or if you fail to take existing competitors seriously, you’re asking for trouble.” ©iStockphoto/Thinkstock

6 Tip 5 Tip 5 Be Prepared to Take Risks “Creating a business plan isn’t about avoiding risk; it’s about understanding and managing risk.” ©iStockphoto/Thinkstock

7 Tip 6 Tip 6 Get a Second ( or Third ) Opinion “The most experienced entrepreneur can still benefit from a different point of view.” ©iStockphoto/Thinkstock

8 Tip 7 Tip 7 Expect the Unexpected “Every business plan needs some wiggle room to allow for unexpected changes.” ©iStockphoto/Thinkstock

9 Tip 8 Tip 8 Don ’ t Forget What Makes You Unique “A cookie-cutter business plan might help you get started, but it won’t help you succeed.”

10 Tip 9 Tip 9 What ’ s the Point? “When you set goals in your business plan, include some concrete motivation that goes beyond the satisfaction of a job well done.”

11 Tip 10 Tip 10 Don ’ t Skip the Plan! “The biggest mistake of all is failing to create a business plan in the first place.” ©iStockphoto/Thinkstock

12 SOURCE: BusinessWeek. (2007, October 24). Top 10 tips for writing your business plan. Retrieved March 15, 2013, from


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