Write a business plan – even if your business is already trading

July 31, 2012

Did you write a business plan when you set up your Rhode Island business? While most large ventures are underpinned by a structured plan, the reality is that many small businesses often develop and grow without that structure. However, even a small, one-person business can benefit from a business plan, and it can be really useful when it comes to setting up and maintaining your business insurance as it may help to identify risks.

Think of a business plan like a road map for your business. You should include all your original ideas and concepts – the things that inspired you to take the step and create something concrete. You need to include your vision for the future, strategies for developing your ideas over time, and how you envisage the business growing.

The practical aspects of your plan should include all your financials; what it took, or will take, to get the business running, and what you need to generate in order for it to grow. What are your costs? You need to think about ongoing costs like wages, rent or mortgages, business insurance and stock.

Even if you are already trading, you can still create a business plan. You can use what you’ve done already as the basis for a plan that focuses on your projected outcomes and possible expansion in due course. It can help keep you focused on your direction and it can be helpful in other ways. It can be used to help your Rhode Island insurance agent calculate your business insurance requirements now and in the future.