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Three Reasons Why You Need a Business Plan

November 2, 2018

You are an entrepreneur with a fantastic idea. You know that you will be able to make a lot of money. But, to turn your dream into a reality, you need to create some structure. You need a plan. Will you need an office or a factory? How many employees will you need and how much will you have to pay them? Where will the money come from to start up? There are three reasons why you need a business plan to get things going and to ensure your success.

First, the question is just how you go about writing, revising, and following your business plan. At Exigo Business Solutions we can help you, with the assistance of LivePlan, an excellent tool for business plans and business planning.

Three Reasons Why You Need a Business Plan

• Setting priorities

• Maintaining control

• Getting Financing

Setting Priorities

You have this great idea. In fact, you have all sorts of ideas running around in your head all at once. It can be a little hard to know when and where to start! A great way to get first things first is to write a business plan. As your business grows and flourishes, you will rewrite your business plan many times. Each time that your goals change, so will your priorities. Exigo Business Solutions, as a LivePlan Strategic Advisor, will be there to help you with the bookkeeping and making sure that profit follows your work at every step of the way.

Maintaining Control of Your Business

When a successful business is up and running, it has lots of moving parts. A well-conceived business plan will help you remain organized. It will remind you of where to focus your attention and efforts each and every day. Here again, is where Exigo Business Solutions will be there to help. We are Certified Profit First Masters. This refers to a method of keeping your books in which you allocate money for profits with each bookkeeping cycle. With a solid business plan, you will be able to keep an eye on all aspects of your business. With the Profit First system, you will be able to see both the big picture of your financials and every important detail.

Getting Financing

When you need money for your startup, you will need to show the bank a business plan. They need to see what your business does and how is that going to make money. When you start with LivePlan, you will create a one-page document that clearly explains what you plan to do and how you plan to do it. When you present a clear and concise business plan, you are more likely to get the line of credit you need than if your business plan and your approach are haphazard.

For Start Ups - One Page Is Plenty

How can you put all of a business plan on one page? In this regard, here is a little history lesson. On the eve of D-Day, the amphibious Allied Invasion of Nazi occupied France, General Eisenhower wrote a one-page explanation of what the invasion was going to do and why they were doing it. Ike said that if the lowest ranking GIs could not be made to understand why they were risking their lives, then the Allies had no business invading.

The point is not that business is war, although there are times when it may feel that way. Rather the point is that if Ike could explain the largest amphibious in history in one page, you can do that with your business plan too! So, how do you go about writing your business plan?

Creating Your Business Plan

If you have a great business idea but do not know how or where to start with a business plan, you are not alone. This is the first time you have created a business plan. What goes first? How detailed should it be? But, when you work with LivePlan, these folks are in the business of helping their clients create excellent business plans. In fact, they have helped more than a quarter of a million folks just like you get their businesses going.

First of all; you will have access to more than 500 sample business plans for every conceivable kind of business. And you will essentially just fill in the blanks to create a one-page business plan. As you progress you will work with LivePlan partners like Exigo Business Solutions. You will optimize your plan as you start building your business and maximize your profits when your business is up and running.

LivePlan helps you create your business plan, set goals, and track your progress. It integrates with the best small business financial software, QuickBooks. And, when you work with a Live Plan partner like Exigo Business Solutions, you work with QuickBooks Pro Advisors. For successful growth and ongoing business success, we offer analysis of your business, suggestions to improve strategy, methods to implement changes, and maintenance of your plan.

When you work with Exigo Business Solutions, you also work with folks with skill set in the Profit First system for keeping your books. With this system, we help you optimize your budging and cash flow while building a cash reserve. The end result is a business that follows you ideal business plan. You will have a clear picture of where the money comes in, how it is used, and where it goes to pay expenses or to enhance profits.

You need a plan to start and run your business. LivePlan is an excellent way to help you write a business plan and organize your business. Work with LivePlan associates like Exigo Business Solutions and you get so much more than just financial work. We will do the books and provide you with the financial insights necessary to make the decisions you need to make. Get in touch with us today to see how we can help turn your great idea into an actionable plan.

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Running a small business can be very rewarding and profitable. And, running a small business can be difficult as you deal with all of the details. In our Small Business section our aim is to help you put things in perspective, learn to do the most important things first, and find the hidden costs that sap your profits and your strength. Small business sales can be strong but your small business profits may not be. Read our articles in this section for help in avoiding small business pitfalls and realizing growing profits.
Profit First helps you experience profit.

Ronald B. Allen
CEO, Profit First Professional, Fix This Next Founding Advisor
Principle of an accounting firm that’s committed to educating business owners on their financial health, providing a trans-formative strategy and helping them experience their profit!