I was once told that by writing up a business plan you will really get to know your business. A well written business plan helps you galvanize your thoughts and order your priorities. A nice littel areticle by Maria Keiser on Inc.com describes the merits of a business plan.
Business plans will help keep you from flying by the seat of your pants. Not only does planning save your money and increase your business’ chance for success, it enables you to obtain investment funding. Without your business plan, investors are most reluctant to give you money. This is especially the case in this economic climate where money is difficulty to come by.
Your business plan should include staffing requirements. You list the positions needed, prospective salaries and the timetable for hiring. You should also include background checks and any preemployment screening program you are considering. Sometimes you preemployment screening can be done in-house. In many instances it pays to retain an outside Human Resources consultant.
Once you create your businss plan try to stick to it. That said, there will be changes as you learn more about your business and you encounter the unexpected or the contingencies that always seem to pop up at the oddes moments. As far as your hiring concerns, try to keep your recrutiment to the minimum. There is no need for added expense when you are just getting started. Keep your furnishings and equipment costs down as well. No one is impressed by fancy digs in a start up. In fact, far from it. Potential investors may decide you really don’t know how to manage your money.
Check them out before you hire.
