{"id":142,"date":"2021-03-12T20:16:00","date_gmt":"2021-03-12T20:16:00","guid":{"rendered":"https:\/\/new.assistedlivingnetwork.com\/?p=142"},"modified":"2021-04-02T20:17:30","modified_gmt":"2021-04-02T20:17:30","slug":"28-the-importance-of-having-a-business-plan-2","status":"publish","type":"post","link":"https:\/\/assistedlivingnetwork.com\/28-the-importance-of-having-a-business-plan-2\/","title":{"rendered":"The Importance of Having a Business Plan"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"The Importance of Having a Business Plan - by Gene Guarino\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/E6N5Trv8pfQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>Do You really need a Business Plan?<\/strong>\u00a0<\/p>\n\n\n\n<p>There are two primary reasons why you should have a business plan. One is for you, one is for them. You need a road map, directions to get you to where it is that you\u2019re going. Some of you are saying, \u201cI\u2019ve had businesses. I\u2019ve been successful and I didn\u2019t have a business plan.\u201d \u00a0Unfortunately, you have no idea how much better you could have done financially or the time, money, or effort you could have saved with a business plan. It\u2019s a map showing you how to get to where you\u2019re going. If we have the map, you know how to get there faster, you can accomplish more and go farther in the same amount of time.\u00a0<\/p>\n\n\n\n<p><strong>Who is the \u201cthem\u201d that needs your Business Plan?<\/strong>\u00a0<\/p>\n\n\n\n<p>The second reason to have the business plan is for the banker, lender, investor, partner, somebody else, whether they\u2019re lending to you or investing in you or working with you. For that other person who\u2019s involved with what you do. They need to know what the goal is, what the vision is, where it is you\u2019re headed so they can decide if they want to stay on your bus and come with you, get off and go on somebody else\u2019s bus.\u00a0<\/p>\n\n\n\n<p><strong>What are the 8 Ps?<\/strong>\u00a0<\/p>\n\n\n\n<p>Let me share 3 of the 8 \u201cP\u201ds that you need to create a great business plan.\u00a0<strong>People.<\/strong>\u00a0It\u2019s all about the people that are involved in the business. What have they done that is in this industry or similar to this industry? Surround yourself with other people who have done it before, make them a part of your team. So that when somebody is looking in from the outside, they see your experience, even if it doesn\u2019t exactly relate to assisted living, They also see the people that you\u2019ve surrounded yourself with.\u00a0<strong>Product.<\/strong>\u00a0What the product is, the place in the market. Are you on the high end or are you at the low end? You don\u2019t want to be down on the low end beating each other up for pennies and you don\u2019t want to be at the very top where there are only a few customers. You want to be in what we call the \u201csweet spot\u201d and having a business plan gives you the roadmap.\u00a0There are eight Ps that we teach you. But the final P is:\u00a0<strong>Plan for your exit.<\/strong>\u00a0In a business investment that typically somebody is investing money in. You\u2019re going to refinance into long-term low-interest rate loans and they get their money back. So typically in two to five years, they cash out. That exit plan is what an investor or a lender is going to want to see very clearly. They also would like to see more than one exit plan in case plan \u201cA\u201d doesn\u2019t work.\u00a0<\/p>\n\n\n\n<p><strong>Will a business plan help you raise the capital you need?<\/strong>\u00a0<\/p>\n\n\n\n<p>Raising capital for assisted living is the easiest thing I\u2019ve ever raised capital for, but you need to have a business plan in order to do that. Don\u2019t expect anybody to give, lend, or invest in you or be a part of what you\u2019re doing financially unless you have a written plan, but if you do and your clear and succinct and you surround yourself with the right people, you\u2019ve got a plan, you absolutely can get it funded and be successful.\u00a0<\/p>\n\n\n\n<p><strong>Be sure to subscribe to our iTunes podcast to listen on the go!<a href=\"https:\/\/itunes.apple.com\/us\/podcast\/assisted-living-networks-podcast\/id1360517721?mt=2\">[CLICK HERE]<\/a><\/strong><\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"1000\" src=\"https:\/\/new.assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28A.jpg\" alt=\"\" class=\"wp-image-145\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28A.jpg 1000w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28A-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28A-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28A-768x768.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1000\" height=\"1000\" src=\"https:\/\/new.assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28D.jpg\" alt=\"\" class=\"wp-image-146\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28D.jpg 1000w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28D-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28D-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28D-768x768.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1000\" height=\"1000\" src=\"https:\/\/new.assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28B.jpg\" alt=\"\" class=\"wp-image-147\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28B.jpg 1000w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28B-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28B-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/28B-768x768.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Do You really need a Business Plan?\u00a0 There are two primary reasons why you should have a business plan. One is for you, one is for them. You need a road map, directions to get you to where it is that you\u2019re going. Some of you are saying, \u201cI\u2019ve had businesses. I\u2019ve been successful and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Importance of Having a Business Plan - Assisted Living Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/assistedlivingnetwork.com\/28-the-importance-of-having-a-business-plan-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Importance of Having a Business Plan - Assisted Living Network\" \/>\n<meta property=\"og:description\" content=\"Do You really need a Business Plan?\u00a0 There are two primary reasons why you should have a business plan. 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