The Importance Of A Business Plan
Many small and midsize business owners think they have to write a 50-100 page business plan and as a result don’t have one. But writing a business plan doesn’t mean you have to write a book or spend hours in the library. A plan can be created in less than one month and you can work on it part time. There are many outlines for business plans available and all you have to do is find one that suits your needs.
The important thing is that you have one as it is the blueprint for your business. To often, entrepreneurs are so busy working “in” their business they overlook the necessity to work “on” the business. A business plan helps you do this and can improve your odds of success.
Some questions your business plan can answer:
What markets are you competing in? Where will they be five years from now?
Who is your competition?
What are their strengths and weaknesses? What are yours?
What are your products and services?
What value do you offer your customers/clients?
How big and profitable will you become?
How much money will you need to borrow and why?
What action do you need to take for your plan to succeed?
Projections, assumptions, and predictions will have to be made. The more research the better.
If you want to make more money, save time, stay on track, create a foundation for the growth of your business, and simplify the managing of your business then writing a business plan is a must.
Yes, it can take you some time but doesn’t have to be done in one sitting and the process of writing the plan can do wonders for you – it can show you where you have been and where you are going.
If you fail to plan, you plan to fail. Don’t let that happen to you.
Hey, thanks for sharing so much helpful information with us.