National Write a Business Plan Month
December is a time to reflect on the past year and prepare for the one ahead. While most people associate December with the holidays and the closing of the calendar year, savvy entrepreneurs know it holds another significance: National Write A Business Plan Month.
“A business plan is more than just a document for investors or lenders. It’s a roadmap that guides your decisions, aligns your goals, and helps you navigate the complexities of entrepreneurship. Whether you’re an aspiring entrepreneur or an established business owner, this is the month to commit to writing or revisiting your business plan,” advises Martin Walcoe, President & CEO, David Lerner Associates, Inc.
When is National Write A Business Plan Month 2024?
National Write A Business Plan Month takes place every December. This annual observance encourages entrepreneurs, new and seasoned alike, to craft a detailed business plan. In 2024, it is particularly meaningful, as businesses face evolving challenges and opportunities in the post-pandemic economy. December is a fitting time for this focus, with the year’s end providing a natural moment to assess your business goals and plan for the future.
History of National Write A Business Plan Month
The roots of National Write A Business Plan Month go back to the recognition of how essential strategic planning is for business success.
The U.S. Small Business Administration (SBA) was established in 1953 and later introduced National Write A Business Plan Month after it noticed that many small businesses and startups struggled because they lacked a concrete plan. December, traditionally filled with reflection and goal-setting, became the ideal time to establish this awareness month, encouraging entrepreneurs to develop a strategic blueprint for their business.
In recent years, the observance has grown in popularity, particularly as more people turn to entrepreneurship and freelancing in an ever-changing economic landscape. National Write A Business Plan Month now inspires countless people to either start their entrepreneurial journey or ensure their current business remains on the path to success.
Who Gets Involved in National Write A Business Plan Month?
Entrepreneurs, small business owners, startups, and freelancers are the primary participants in National Write A Business Plan Month. However, many other professionals and organizations also get involved. Business coaches, financial advisors, and small business consultants often use this time to help their clients develop or refine business plans. Even seasoned business owners, who may not need a formal business plan for investors, use the month to reexamine their goals and strategies for the coming year.
National Write A Business Plan Month Participation Ideas
So, how can you take part in National Write A Business Plan Month?
- Start with the Basics
Don’t be intimidated if you’ve never written a business plan before. Start with the essential components: a mission statement, business objectives, and a market analysis. Use free online resources to guide you through the process. Many websites offer business plan templates and step-by-step tutorials. - Conduct Market Research
Understanding your market is one of the most critical parts of any business plan. Take this time to do deep research. Who are your competitors? What are the current trends in your industry? By conducting thorough market research, you can identify opportunities for growth and areas where your business can stand out. - Focus on Financial Projections
A solid business plan includes detailed financial projections. If you’re unsure where to start, consider consulting with a financial advisor. David Lerner Associates can help you create realistic financial goals and projections that align with your business vision. Remember, your business plan isn’t just about growth — it should also include contingency plans for tough times. - Set Measurable Goals
Whether you’re starting a new venture or revisiting your existing business strategy, goal setting is key. Ensure your business plan’s goals are specific, measurable, achievable, relevant, and time-bound (SMART). This will give you a clear path to follow as you move forward. - Get Feedback from a Mentor
If you’re unsure about certain aspects of your business plan, seek guidance from a mentor or advisor. Many experienced business owners and professionals are willing to help newcomers refine their plans. Feedback from a knowledgeable mentor can help you see potential flaws or missed opportunities in your strategy.
National Write A Business Plan Month is a valuable opportunity to dedicate time to planning, whether you’re a seasoned entrepreneur or just starting out. A well-written business plan can be a powerful tool to guide your decisions and help you stay focused on your goals. The key is not just writing a plan but continually revisiting and adjusting it as your business grows and evolves. A strong business plan, combined with financial discipline, will set you on a path toward long-term success.
At David Lerner Associates, we’re committed to helping you plan for your financial future. If you’re writing a business plan or refining an existing one, consider reaching out to one of our financial advisors for guidance. We can help you understand the financial components of your plan and ensure that you’re setting yourself up for success — both in your business and your long-term investments!
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.