Every Small Business Start Up Needs a Plan

Rarely do you find a business plan among passionate entrepreneurs. Many first-time business owners have the emotional energy needed to lift their burgeoning business off the ground. They generally display what can only be described as parental feelings toward their enterprise, very much like the affection shown a child. But like a new parent, their child didn’t come with a manual. Without a business plan, the odds are stacked against success and staying power. One of the new approaches to business planning is defining its future sale, basically reversing engineering of the plan from that point back to its inception. It’s a unique methodology that drives current corporate goals, strategies and tactics to the ultimate target in the future. Watch the interview with business owner and entrepreneur Jasmyn Nakata as she explains part of the process of this planning technique.http://rightonthemoneyshow.com/every-small-business-start-up-needs-a-plan-jasmyn-nakata/ One differentiating characteristic of this plan is its frequent accountability assessments, basically an inherent surveillance system with hard benchmarks to measure goal achievement along the way. Without accountability and consequence, a plan has no teeth to it nor does it have built-in reward mechanisms to recognize personal performance and corporate success. 

It’s like an architect who designs a blueprint to be used in the purchase order of the building materials and orchestrating the various stages of construction. It’s often in these early planning stages that the corporate entity is identified, i.e., C- Corp, S – Corp, LLC or Partnership. Selecting the right entity to incorporate your business may also have favorable tax advantages that should be investigated, not only at the corporate level, but also for the personal benefit of the owner(s). Business planning, especially for the succession of the business, is a very complex discipline and will generally require the efforts of more than one professional. Selecting the right members of the team at the conception of the business can pay off big at its sale.

###