Business plans are often used to help determine whether or not a business venture is likely to e successful. The most critical judge of any venture should be the potential owner of the business. That person typically has the most to gain or lose by the ultimate success or failure of the concept. By answering the following questions, you should be more informed and focused on the business viability and your own appropriateness for this opportunity. Please note that the study intentionally does not include a financial analysis section, which you obviously want to include. You should exercise great due diligence in this regard and consider utilizing the services of a professional advisor(s).

A recent AT & T Small Business Study found that only 42% of the businesses surveyed used a formal business plan. Simply stated four of every ten businesses did and 6 did not! In this day and age of a fast paced economy one might expect that as many as nine out of ten would effectively use a business plan. It has been said for years that most businesses do not plan to fail; they fail to plan. It should be categorically stated that EVERY business should have (and more importantly USE) a business plan. A common misconception with some business people is that unless a business is seeking capital it does not need a business plan. Considering that a major reason for business failure is management incompetence (translated perhaps not utilizing a business plan) let's consider then some valid reasons for using a business plan and some important pointers in their preparation

In a time when the lead news stories focus on business downsizing, the rising costs of gas and groceries and general economic turmoil, it is hard to avoid feeling the “recession depression.” But as business owners we have two choices: we can let the media send us into panic mode or we can view the economic downturn as an opportunity

One of the biggest mistakes a business can make is investing the majority of marketing efforts in attracting new customers and forgetting about past customers. Your current and past clients are the foundation of your business because without them, your business would not exist. It also costs far more to acquire a new client than it costs to generate business from an existing client.

With all the demands on our time made by our business, professional and personal lives, it is tempting to assign a lower priority to networking as an activity designed to meet new people. After all, we have so many commitments at the office and at home -- to colleagues, family and friends – that it is difficult to set aside extra time to bring even more people into our lives.