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Why You Need a Written Business Plan: A Rarely Discussed Aspect

June 26, 2017 // R. Shawn McBride // No Comments »

R. Shawn McBride recently spoke about the need for a written business plan.

It’s Shawn with you here. I want to talk about a rarely discussed reason why you need business plans. Written business plans. We’ve talked about how great business plans are and how they should be in writing. These allow you to do a lot of things. Allows you to understand where you’re going, it allows you to communicate with investors, it allows you to update your management teams, and it gives you a clear picture of what’s in your business, what’s not in your business.

There are a lot of great reasons why we want written business plans and I work with a lot of clients on building and refining their business plans particularly on the legal side of my house, my law firm when we’re doing a securities offering. You’ll need to describe the business to the buyer even if they’re a credit investor it’s usually advisable to explain it.

But there’s a reason why we need business plans that aren’t discussed enough and it’s a reason that’s out there and it’s because we need to be ready for the evolving marketplace. It takes a long time to build a good business plan and I’m not talking about just a business plan you can throw at somebody. I’m talking about a really comprehensive business plan that explains your business – that describes where you’re at and where you’re going. That takes time and effort, right? Usually at least several weeks, probably a couple months in the real world when you have other things going on and can’t focus on just that.

So we wanna have a quality written business plan waiting just in case, in case we need a sudden capital rating or we get sudden investor interest. We wanna show that we’re prepared and one of the things they’re gonna be impressed by is that you have this stuff in order, you have your business plan in order and you have your documents ready to go. So you talk about always being ready for an acquisition, you also always wanna be ready for an investment. You wanna know that if people come to you unexpectedly that you can get it ready and have a good written business plan waiting today would help you a lot. So it’s something you wanna jump on.

Reach out to an attorney, reach out to a consultant, get rolling on this process sooner rather than later cause you may miss a great opportunity in the future. It’s really money well spent, it’s gonna help you in many, many ways. It’s also gonna position you for that offering.

If this is speaking to you, it’s the type of thing you see, come to McBride for business. Check out our blog . McBride Attorneys also has a blog focused more on legal issues. Like the R. Shawn McBride public page on Facebook where I bring great videos like this and we can help you extend your knowledge and do more with your business. I really wanna help, I wanna be part of your team.

And of course, like the McBride for Business YouTube channel to get videos as well. Let me know how I can help you, reach out. I’m just an email or a phone call away. 214-418-0258. I wanna know what issues you’re dealing with cause I wanna bring great content that helps people. And if I can come in and work with you one on one or your teams, do some training or a keynote speech and help your organization advance, we’d love to see how we can help. Give me a buzz, R. Shawn McBride signing off. I will talk with you all very soon.

Make sure you download our free checklist to assess your business.  

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer typofi.

 

About the Author

R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.

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Posted In: Business, Growth, Strategy



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