Key Harrington Barnes, PC

July 2016 Archives

A business plan is a crucial part of any startup

While it may not be the most enjoyable part of starting a new venture, Texas entrepreneurs can greatly benefit from putting a business plan together. In addition to being a crucial document when seeking outside financing, a business plan is important for internal purposes as well. It turns employees into team members who all work together to make the business a success. It also gives them an idea about how they are contributing to the company, and whether they are winning and meeting the company's goals or not.

Writing holistic business plans can translate into success

While most Texas entrepreneurs understand that writing business plans is important, many do not really understand how to write one that is effective. A good business plan is more than simply writing down where an owner would like to see the company go along with the steps to get there. It should be more encompassing so that the business plan can translate into success for the venture.

Balancing business and personal financial considerations

Entrepreneurs in Texas and around the country are generally a committed and focused group. They often spend most of their waking hours thinking of ways to grow their businesses or overcome obstacles that could be holding them back, but this single-minded approach does have its drawbacks. While savvy business owners may work tirelessly and enthusiastically, they also take steps to ensure that they are able to survive financially should they encounter setbacks.