He explains that his definition of a business plan is "a formal document written to capture and communicate the planned direction and manoeuvres required for the business to accomplish its most important goal _ profitability". Balanko_Dickson adds that profit is no accident, and by writing and following your plan, you increase the chances of achieving profitability. Balanko_Dickson educates that developing a detailed plan will provide you with an opportunity to shape a powerful business development strategy, whether your goal is to: get financing to start; get financing to expand; be more organised and increase your odds of success; identify the value of your business and prepare a plan for selling; create a plan to buy a business; create a management succession plan to facilitate your retirement, etc.
Putting your plan to action _ what are the key steps you need to take? At some point, the plan needs to hit the road! The plan is no good if it doesn't help you take action. So a simple action plan should be included _ what needs to be started and completed, when and who will do it, all need to be mapped out at least at a basic level. Having an action plan will also help you get excited about your business venture, as you can see how it comes to life.