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Here are five hints on how to make the most of your business plan:
1. Take the long view and do long-term planning. Map out where you want to be five years from now and how you plan to get there.
2. Write the plan yourself. You will learn more about your business by doing so.
3. Think of your plan as a living document. Review it regularly to make sure you are on track and adjust it as needed.
4. Share the plan with others who can help you get where you want to go—such as lenders, key employees, and advisers.
5. Understand that you might pay a price in the short run to obtain long-term business growth and health.
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
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