Writing a business plan
Having a correct criteria when writing a business plan is crucial for the success of the business. A common cliché says that failing to plan is planning to fail. Furthermore, failing to plan well can also lead to failure of the business. Planning, therefore, is the first step that any business owner should undertake before initiating the business (Chambers, 2012). The five criteria that are most important when writing a business plan include creating a business plan that is specific, measurable, achievable, realistic and time-bounded.
First, a business plan should be specific. The business owners should the exact business that they want. For example, is it a sole proprietorship, a company, or a partnership? The business owners should also know the type of products. Being specific helps the business to grow in a certain line (Wilson & Dobson, 2012). Second, a business plan should be measurable. For instance, saying that there is need for a huge amount of production is not measurable. Instead, the managers can say that they want to publish forty books per week. Third, the goals should be achievable. For example, there should be the possibility for publishing the forty books. Fourth, the elements and goals of a business plan should be realistic, which is crucial for implementation (Chambers, 2012). Lastly, the business plan should be time bounded, that is, having a specific duration to attain the established goals.
The five criteria, therefore, that are the most important when writing a business plan include the need for the business plan to be specific, measurable, achievable, realistic and time-bounded. Following these criteria is crucial to the success of the business because it sets the implementation process on the right course. It is important, therefore, for business leaders to follow the five criteria for the success of their businesses.
Chambers, K. D. (2012). The Entrepreneur’s Guide to Writing Business Plans and Proposals. Westport, Conn: Greenwood Publishing Group.
Wilson, S. B., & Dobson, M. S. (2012). Goal Setting : How to Create an Action Plan and Achieve Your Goals. New York: AMACOM.
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