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Business Planning Still a Priority
By | October 30, 2009
Today at my women’s networking group there was a lot of talk about the importance of having a business plan that lets a business respond to the need of the changing economy. When the business women around the table were asked if they had a working business plan or not, the majority had to admit they didn’t.
I can’t say this was a surprise. After 30 years of working with business planning and development, it no longer surprises me when small business women admit to working without the basic road map of a business plan.
Many women go into business to meet an immediate need. Others decide to use their unique talents in a way that also brings in an income and find they are in business. The idea of business planning may not become an issue until a major roadblock is met head on. Today, that looming roadblock is a down economy that is playing havoc with the small business woman.
Perhaps the need isn’t always apparent when things are going well. According to a special 2009 research study on The Economic Impact of Women’s Businesses in the United States conducted by the Center for Women’s Business Research “women-owned firms have an economic impact of $3 trillion annually that translates into the creation of and/or maintenance of more than 23 million jobs – 16 percent of all US jobs.”
Even with this type of success, planning for the long term is a priority step every business woman should take. Consider developing your business plan if you haven’t and updating it if you have to meet with the needs of the changing market economy.
Topics: Build Your Business, Business Planning | No Comments »