Innovation And

Why do a business plan?

Only 19% of small business owners use business planning. And 19% of small businesses survive at the end of each year. Coincidence?

Business planning doesn't guarantee success. However, most people wouldn't think of building a house without a set of building plans. Without a building plan, it is doubtful your foundation would be adequate, you might forget key parts of the plumbing, and your kitchen might end up where your bathroom should be.

The same situation will happen if you don't create a business plan. While you might think that you can keep everything in your head, your results are likely to be disappointing.

The business plan process helps you think through all parts of your business, establish a solid foundation, and puts you in a position for business growth. The parts of the business plan that you can't do or are hard for you, are the areas where you need professional help. A plumber building his own house hires experts in roofing and other unknown areas. You need to approach your business the same way.

Using Innovation and New Ideas has a network of 8,000 "spotters" who look for new business ideas around the world. Maybe you can be the first in your community to use some of these ideas as well.

iBridge Network: is a network of university and industry researchers who share their early stage inventions. Go to this website if you are looking for collaboration on an invention or to find out about early stage inventions.

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