Beauty Store Business magazine - December, 2019

The Importance of a Plan

No matter what size, everyone needs a business plan. Check out these tips on how to build—or revise—yours.
The Importance of a Plan

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.

To continue reading, please visit the March Beauty Store Business Digital Edition.

[Image: Thinkstock]