Strategy For Putting Together a Business Plan
William Ritter Biography
Chapter Chair, SCORE
William Ritter - Lecture - SCORE
April 22, 2006     2 min. 37 sec.     Ritter05_businessPlan    
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Transcript
I am here to tell you that if you do it right you will not put a business plan together in two weeks. It may take you two months or more, because a business plan is that roadmap which gets you into business, keeps you into business, puts your dream on paper, and turns out to be your baseline. This is what I thought I was doing or wanted to do, and that is great. It gets you to the bank, it gets you to borrow money, but it is also your path forward, done right. A business plan is a living document. As much as we do not like believe that; I got my money from the bank, I can just throw it in a shelf and forget it. That is not what it is about really. You invested a lot of time in there saying, What am I going to do with this business? Every three to six months you need to pull that out, understand your mistakes. One: be honest with yourself, not everybody is perfect. Two: what can I do better? And if you are really good at it, pat yourself on your back and say Add a boy, add a girl, you have done good, continue down that path, or make the course correction and continue down. You also find in your business plan nine times out of ten that what you thought of and what you hoped would be in your business is not the reality, so you need to make that correction and understand where you want to go. You may be in the restaurant business selling a certain kind of food. Well, that kind of food does not really sell well here, But I want stay in the restaurant business, so what kind of food will really sell, Where can I make that money? That is the course correction. Find out what works, what does not work, document it, move down that road, come back again six months, How am I doing? You need to do this over and over and over again.

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