Investing in a startup can be exciting if you know what you’re doing. Nearly 20 percent of small businesses fail within the first year because owners skipped a crucial step: Creating a business plan. Fortunately, it’s never too late to start planning.
It sounds like an easy fix, but a lot of planning goes into every step a business takes. Before starting any new project or startup, you need to be crystal clear about where you are headed and why.
What is the goal of your business? Think about your company’s mission statement and the problem you are solving for your customers. How does this help you reach that bottom line?
Once you have your business’ goals in mind, break them down into actionable steps. Having items you can take action on and complete is important if you want to stop wasting money and time.
Lastly, write everything out so you can see your plan. Make to-do lists, project boards — whatever you need to take action and reach your goal.
No matter what you are working on for your business, you need to have a clear plan of action. If there is no plan, you won’t likely have success in reaching your goals.
Leisa Peterson talks about how planning has saved her money with her business in the video below. Check it out:
Amanda is an editor and writer. She has a passion for sharing information that helps people and communities to better themselves in some way. In addition to writing online, she also freelances for local newspapers in her hometown of Charlotte, NC.