Let’s talk about developing a business plan for your firm and how that will help to increase your business asset value. Even if you are not an equity owner in the firm, you should want the organization to have a business plan. You should also want to participate in its development in some manner. You’d be surprised at how many benefits practices do not have a formal written business plan. Or maybe you wouldn’t. Does your organization have one? Why not? Well perhaps the process is a bit of a mystery to you and your colleagues. Never written a business plan? Don’t worry. We’ve written dozens. Let’s de-mystify business planning for you.

So what is the rationale for having a business plan in the first place? Let’s address the business planning process and how to take a step-by-step approach to developing a plan. What components or elements should be in a business plan? What are the possible uses for a business plan? And finally, who are the potential audiences and stakeholders with an interest in a business plan?

So, why should you have a written business plan? There is a business adage that says any road will get you there if you don’t know where you are going. Consider a business plan a road map; a guide for running your business. It should articulate your business purpose and your mission. Who are your customers? What is your value proposition? How will you grow your business? How much can it realistically grow? Will it still be profitable? And what resources will you need to make it all happen? These are some of the essential questions that need to be answered in a thoughtful, cogent manner. Still feel that it’s a bit overwhelming? Don’t worry, you can do this.

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