5 Tips on Building a Sound Business Plan

1. Write a business plan with a complete financial and marketing plan.

2. Your marketing strategy should be built around your strengths, your competitor's weaknesses and your customers' desires.

3. Test the reality of your business—know why it will work and how you will make it work. Think your business through step by step.

4. Allow at least two hours every week for thinking and planning. Do not allow anything to interfere with this time. You run the business. Don't let it run you.

5. Establish an annual operating plan. Review it and update it monthly with appropriate employees.