06 Aug 2012

Writing a Plan for Your Hospitality Industry Business

3 Comments

When I first went into business for myself in 1999 as a meeting planner, I did what a lot of first-time business owners do and jumped right in without a plan or even a thought to how things were going to look in three months, let alone three years! I was focused on the moment and on the next piece of business.

Three years later, I earned my Certification in Meeting Management (CMM) from Meeting Professionals International. It was while earning this designation that I created my first business plan, as it was required as part of the curriculum.

Wow, what an eye-opener! It took all that I knew about my business, marketplace and finance, combined it with the results of market research and resulted in a three-year plan complete with projections for future growth.

The amazing part was when I read it again about 2 1/2 years later, and discovered that most of what I had projected had come to be. Just the process of writing down my desires and putting numbers and ideas into place gave me so much more clarity. And with that clarity, I was able to direct my company and its future growth.

Today, at Pick My Brain, the greatest need we see within small businesses and startups is the need for a business plan. Many entrepreneurs are working hard and setting goals, but often without a strategy or accurate information. I believe that the greatest value in building a business plan comes from the planning itself. A business plan is not an end goal – it is a live process, and it is in the planning and implementation of the steps created that the success comes. Sure, if you want to secure funding, you’ll need an actual finished product to present; but if you want to grow your business, you must always be planning, projecting and taking action on those plans.

I’d love to hear from you! Are you in the process of creating a business plan? What are your challenges? What have been your successes? What would you recommend to others going through the process?

photo credit: internetsense via photo pin cc

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3 Responses to Writing a Plan for Your Hospitality Industry Business
  1. Wow that was odd. I just wrote an incredibly long comment but after
    I clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that over again.
    Anyway, just wanted to say fantastic blog!

  2. Enjoyable read. will read this blog again.


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