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Mark Bouris business plan essentials.

WE'VE heard a lot about Europe's debt, China's growth and the US's unemployment. It supposedly creates a poor picture of the global economy and the prospects for business owners.

So I was heartened this week to see such a good turnout to a business seminar I held in Parramatta.

It's interesting when you speak to a room filled with business owners or prospective business owners, because even with the best-planned presentation, it's the questions that come from the audience that really tell me what's happening in the economy. It also tells me about consumer and business confidence and how good people feel about what's happening out there on Main Street.

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From the questions asked this past week, I can gauge that there is still quite a bit of hesitation. People are still confused with what's happening and are struggling to come to terms with how the global financial turbulence will affect their businesses in the future.

While I can't answer everyone's concerns specifically, I can offer a few thoughts for business owners who are looking for some resolve.

The first one sounds simple, but so many businesses go bust because they don't make it a priority. It's to have a plan. Lots of people who talk to me about business have an idea but what they really need is a plan. A plan can change and it can be improved as you move forward but without it you really don't have a sense of where you're trying to go.

What should a plan have in it?

Originally posted here:
Remember the map on the way to success