Dear Emerging Business Owners. Do you have a business plan? Business Plan is important for your business. Those with business plans are about twice as likely to successfully grow their business, attract investors, & get loans than those without one.
...[Thread] #ConnectionCorner
What is it about a business plan that makes it such an essential ingredient for success? Let’s take a closer look! These are the reasons why a Business Plan is so important for emerging businesses.
It helps you articulate your vision. A business plan gives you a means for capturing your entrepreneurial vision in writing. It enables you to fine-tune your aspirations and recognize where there are gaps or inconsistencies in what you want to accomplish.
It also helps you spell out your business’s purpose and describe the products and services you’ll offer in detail. Rather than keep that info in your head, a business plan frees up your mind to concentrate on what you must do to fulfill your vision.
It helps you understand your industry, market, and competition better. As you work through the process of writing a business plan, you’ll have an opportunity to gain valuable knowledge about your business strengths, weaknesses, opportunities, and threats.
You’ll learn a lot through conducting industry, market, and competitive research. Many entrepreneurs make assumptions about these things, and research is the only way to validate preconceived notions.
It helps you better understand your competition, the market you’re entering, customer trends and preferences. It also helps you recognize possible roadblocks (which could come in many forms, such as the regulatory environment, technology, and forces within or beyond your control)
It enables you to assess the viability of your business idea. A business plan will help you identify red flags in advance. It’s an excellent way to do a “reality check” and recognize warning signs of impending doom.
With a realistic view of whether your business idea has a chance of success, you can make an informed decision about whether to move forward, cease and desist, or alter your course.
It gives you a road map for launching your business. It is also important because it provides direction as you work through the many tasks involved in starting a business. Writing a business plan helps ensure you’ve thought through all of the considerations and requirements.
It forces you to think through important decisions in advance and set goals and objectives for which you want to aim. Moreover, a business plan will help keep you on track with all of the tasks required to start your business and operate it legally.
It can equip you to find the right suppliers. A business plan will help you identify what materials you’ll need to offer your products and services. In turn, it will shed light on the criteria you must look for in potential suppliers.
It can help you set priorities and manage your time. By seeing all the moving parts involved in starting your business in one place, you can decide what needs your attention first and what can wait. It will help you keep track of what you must do and determine how to to do it.
It will help you set realistic goals and objectives. A business plan will help make you more intentional about setting goals and objectives for your company. Moreover, having goals in writing facilitates a higher level of accountability for your long-term vision.
It helps open the door for getting financing or bringing on investors. Lenders like banks and other institutions will want to see a business plan. Investors will want to see a business plan so they can assess if the business idea will be a sound investment.
It helps you make sound decisions and better manage your business. Having a business plan allows you to make better decisions because it helps prevent decision-making on the fly. It gives you strategic direction, so fewer outcomes are left to chance.
It will serve as a tool for communicating your ideas with stakeholders. You can use your business plan to communicate your vision and business projections with key stakeholders. Potential lenders, investors, project partners, suppliers, key employees, major clients, etc.
Lastly, a business plan is a live document, can be amended from time to time and can be monitor and evaluated against the fast changing landscape. It shouldn't be treated as a once off document that will gather dust in the cabinets!

#ConnectionCorner #SMEs #EmergingBusinesses

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