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Planning is key to entrepreneurial success

Analysis and preparation are key points of focus for any successful Colorado entrepreneur or business owner. Planning, in all its forms, is vital for business owners, and yet many turn their eyes and efforts toward the next challenge without proper examination. It does little good to jump in with both feet if the jumper doesn't know where to land.

In a business environment, planning means acknowledging measurable factors to the extent that they're available. Delving into a detailed analysis of threats and potential pitfalls, crunching numbers and examining likely benefits increase the likelihood of success for new and established endeavors alike. Business owners who fail to take the planning steps seriously are setting themselves up for underperformance or failure.

Whether the enterprise is a mom-and-pop shop or a high-rise apartment building, success requires an understanding of the details. Hard numbers tell the truth, but it's not only measurables that should impact planning. It is also important to give weight to factors that do not lend themselves to measurement, such as economic and competitive conditions. Any new business carries some level of risk; successful owners pay attention to detail and plan.

Entrepreneurs often engage advisors who can handle areas that require professional expertise. Accountants, real estate agents and other professionals may prove valuable during the planning stages. An attorney with experience in business and commercial law may be able to help by addressing legal concerns with growing a business or by identifying potential obstacles to the success of the endeavor. An attorney may be able to suggest legal structuring options to maximize tax benefits or protect business owners from liability.

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