Put Your Sole Proprietor Business Plan to Work - dummies

Put Your Sole Proprietor Business Plan to Work

By Steven D. Peterson, Peter E. Jaret, Barbara Findlay Schenck

Getting absorbed by day-to-day business needs — whether collecting an unpaid bill or addressing a looming client issue — is easy to do. If you’re not careful, you’ll be so busy serving clients that you’ll forget to run your own business. Plan to avoid this pitfall. This is where your business plan can rescue you, keeping you focused on your goals and objectives and the deadlines of your action plan.

Sole proprietors don’t need to write out a long and formal business plan. But putting the key components in writing is important. It’s equally important not to let that written plan gather dust. Post your mission statement in your office or studio.

Many sole proprietors say they frequently get inspired all over again by looking at their mission and vision statement. Keep track of your goals and objectives, too. They can help guide and nudge you when motivation may be lacking.

You can also assess your strengths and weaknesses. Every business, even a sole proprietorship, has its strong points and its liabilities. Recognizing your plusses and minuses can help you know where to put your energies as you plan and build your solo enterprise.