Thread by @Mashstartup

[THREAD] Why do you (still) need a business plan? 🤔

Research has shown that businesses with a plan grow faster, are more likely to secure funding, and stand a better chance of scaling. Here’s the major reasons you should make one for your business: #SageForSmallBiz

Funding.

You will need to show how you plan to generate revenue and indicate when you are likely to be profitable. You should also know how much investment you need and when you’ll be able to pay it back. #SageForSmallBiz

Prove viability and avoid mistakes.

Business plans help you think about solves to the top reasons businesses fail so that you can avoid pitfalls such as a lack of market or demand, shortage of capital, staff issues, competition, and poor pricing choices. #SageForSmallBiz

Decision-making.

Once your business is on the go, you’re unlikely to have the luxury of time to think through all the possible scenarios and weigh up the pros and cons again. #SageForSmallBiz

Outsider’s view.

Creating a business plan forces you to take an objective look at your business. Outsiders will experience your business differently, and knowing what that looks like is critical. #SageForSmallBiz

Communication.

A business plan can show anyone precisely what your business is and what it does. It can also help you in the recruitment process and assist with securing suppliers and vendors. #SageForSmallBiz

Setting objectives.

Without a plan can easily get lost or seem nonsensical. Having a business plan helps solidify those objectives and keeps you accountable to your long-term goals. #SageForSmallBiz

Download this free business plan template from @SageGroupZA to get started sage.com/en-za/blog/gui… #SageForSmallBiz