Late 2019, the financial high started offering services; our most popular being business plan writing. Its not hard to explain why you would need a business plan for your proposed business, a company’s business plan is essentially the blueprint for said company.
Take this for example; You want to build a house
You wouldn't walk over to an empty lot and just start nailing boards together. Nope you gotta plan, you need to sort out the nitty gritty details; What type of house? Where will it be located? Can I afford to start building now? Is it allowed in this location?
Starting a business without a business plan is just as risky.
That given, unlike a house, a business isn't static. People often make the mistake of thinking of a business plan as a single document, one that you can just put together when you're first starting out and then set aside. A large accessory if it may, something to check off the to-do list and be done with.
However, in reality, the business plan for any business will change over time as the business develops, and any particular business may have multiple business plans as its objectives change.
When the business begins to grow, an updated business plan is useful for forecasting or raising additional capital for expansion. If/When the owners of the business decide to sell or close the business, the business plan can include strategies and timelines for the transfer to new ownership or dissolution of the company.
In detail, here are the main reasons you need a well-structured business plan-
1. Proves that you’re serious about your business - Having a written business plan is key, it shows all interested and invested parties that you are committed to building the business.
For tomorrow belongs to the people who prepare for it today
-African Proverb
2. Shows you the building blocks of your company – A good business plan helps answer:
Who
What
When
Where
How
3. FINANCES!!! - A structured business plan is a game changer with your finances
Helps attract investors
Determine your financial needs
Document your revenue model
Understand your company’s staffing needs
4. Gives Direction! - Which way is up? Having an idea is amazing, acting on it can be tricky, a well structured business plan helps:
Establish business milestones
Understand your competition
Assess the feasibility of your venture
Determine your financial needs
5. Lowers New Business Risk! - A good business plan helps eliminate up to 40% of risks
Assessing the feasibility of your venture
Enunciating previously unstated assumptions
Re-positioning your business to deal with changing conditions
Uncovering new opportunities
6. Branding - The plans clarity and structure helps with your company branding
Helps breakdown, reconstruct and position your brand
To better understand your customer
To document your marketing plan
“A goal without a plan is just a wish.”
Antoine de Saint-Exupéry
Want to start a business? Need help with creating a well structured plan or simply with gathering your thoughts?
Chat with us today, lets get the best service for you!
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