34 March 2014
|
beautystorebusiness.com
No matter what size,
everyone needs a business
plan. Check out these
tips on how to buildÑ
or revise yours.
by J. Tol Broome Jr.
ONE OF THE MOST OVERLOOKED MANAGEMENT TOOLS FOR SMALL BUSINESS
owners is the business plan. Not only is it useful in helping business owners obtain needed
capital, but it enables the owner to do some valuable "big picture" thinking regardless of
whether additional outside capital is needed.
Successful entrepreneurs will tell you that they not only maintain a business plan, but that
they regularly revise the plan to adjust for changes in the market, personnel, competition, etc.
In short, the business plan enables a business owner to construct a blueprint of the direction in
which a company is heading, how it will get there and the projected result of what it will look
like when it arrives.
Retailers are often the least effective users of the business plan, particularly those who
own only one or two locations. However, because of the many facets of running a beauty-retail
operation, the planning process will often have a significantly positive impact on the business.
Thinkstockphotos.com/Stock
collection
Continued on page 38
T h e I m p o r t a n c e O f A P l a n . i n d d 3 4 The Importance Of A Plan.indd 34 2 / 3 / 1 4 2 : 5 1 P M 2/3/14 2:51 PM