Most people don’t understand what a business plan is all about and how they benefit from creating one. They view writing a business plan as a chore and as something they have to do to satisfy a lender or someone else.
The reality, however, is that creating a business plan will allow a business owner to fine tune their business idea and substantially increase their probability of success! It will also help an entrepreneur determine if they will be able to have a successful business (an idea must be feasible, viable, and desirable to be good) before they spend too much time or money on the idea.
The Master Plan is wonderful CORE FOUR® tool to help entrepreneurs understand the pieces of a business plan, the process of creating a business plan, and how they benefit from creating a business plan. It allows entrepreneurs to view a business plan as something they can do, and CORE FOUR® gives a step-by-step approach to creating a business plan.
The Master Plan should be referred back to frequently during the course as it helps people understand how the pieces fit together and how to go about the process of planning a business.
This is also a great tool for business counselors to work with prospective and existing business owners. Similar to how a house needs all of the walls and pieces in place to hold up the roof, a business needs to have a solid foundation and building blocks to be successful. When reviewing a business plan, a counselor can determine if the building blocks are solid enough to hold up the house or if some of the blocks need more work. For an existing business, most of the problems they have managing their business can be solved by planning their business, and the problems they are experiencing can be pointed out in the Master Plan.
Once entrepreneurs understand what a business plan is and how they benefit from it, they have direction and confidence and are usually quite eager to work on planning their own business!
