Money problems Featured

9:52am EDT July 22, 2002

If financial projections are stalling your efforts to finishing a business plan, you’re not alone.

Coming up with those projections is the most difficult part of completing the plan, say business owners surveyed in July by Phoenix-based Profit Dynamics Inc. The management consulting firm surveyed 200 entrepreneurs through its Web site, www.capital-connection.com, and through individual contact.

Other complicated parts of the plan: deciding when it was finished, competition analysis, marketing strategies, just getting it started and defining the market.

Turns out all those obstacles aren’t bringing work to a standstill; 83 percent of those surveyed say they have a business plan. They have good reason to — 63 percent prepared it to show investors. Others did it for use as a management tool, to help get their business started or to obtain a bank loan.

Who says planning doesn’t pay?