What exactly is a business plan anyway?

Another client question on Tuesday’s call-in day – “Chris – how do I create a business plan when I’ve never done it before?” I asked what research he had done so far: 1. had a look on the internet at downloadable packages; 2. had a look in a local PC store at off-the-shelf packages: 3. had a look at his local bookstore. He was bewildered and confused by the choices. This client has been in my core dental programme for 3 years. So I asked him the following questions: 1. have you written a 3-year vision statement? Yes 2. have you created personal and professional cash flow forecasts? Yes 3. have you written operational systems for the practice? Yes So I shared with him a formula: Vision + Cash Flows + Systems = Business Plan He had already written it – he just didn’t realise that those disparate pieces of paper could be joined together. So, relieved that he has done 80% of the work, he is now off to polish his business plan.