Most business owners don’t like to waste time on paperwork and often like to keep plans in their heads. This distaste for formal planning may appear practical, but may actually hurt their chance for success. SunTrust Business Owner Research shows that business owners with a written plan are much more likely to indicate growth goal achievement.
In practice, committing a plan to paper forces business owners to:
A good business growth plan should be short, but well thought-out. As a practical matter, if you cannot outline your top growth priorities on one or two sheets of paper, you probably haven’t thought them through enough.
To help you get your business plan out of your head and onto a piece of paper, we have outlined the five questions a good growth plan must answer. Use the attached template to put numbers to your plan.
About SunTrust Business Owner Research: SunTrust surveys small business owners and advisors as part of its ongoing business seminars and symposiums. The small business owners attending these events include both SunTrust client and non-client business owners and are representative of the broad spectrum of businesses located in the SunTrust markets. The research cited in this report is extracted from these 5,425 small business owner surveys collected between 2007 and 2011.
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