Why Do I need a Business Plan?
Business Plan writing and development is an important and integral part of any business. It is a report that is your prospectus to individuals wanting to look at your business in writing. It is a tool which gives a picture to others so that they may analyze your mission, goals objectives, strengths, weaknesses, opportunities, threats and your strategic plan or long-term approach to marketing and developing your plan for your product or service. It is a report that tells the reader that you have thought through your product or service and recognize that you may need assistances in specific areas in order to grow. It also gives a financial snapshot of your projected revenue, based on your marketing plan, as well as how you see your business in comparison to your competition. A business plan is the playbook that investors often use to size up your business. It is a necessary first step to acquire funding.
A well-written business plan gives you a railroad track to follow. It forces you to develop a process or procedure based on your businesses goals and objective and your competition in the market. As a new or emerging business, it is important for you to think through your product and/or services to determine whether you have the elements in place to foster success.
Often business owners ask, “Why do I need a business plan?” Many individuals, who have never owned a business before, or who do not understand the purpose of a business plan, ask this question and more often than not, they have not executed a well thought out business plan before they are experience a growth phase of their business and need funding. The primary reason, like many other administrative clerical needs is that, they do not prioritize this planning tool because they are so busy building their product or service.
One reason you need a business plan is to present to an investor to acquire funding, however a business plan is so much more. It is:
1. A “Playbook”
2. A tool for recruiting quality personnel
3. A snap shot of how your business is designed for success
The steps to take so that you can begin to develop a business plan requires your vision for where you want your business to be. Here is a list to things you will need to do:
Write the statement that defines your purpose and focus, your mission
Strategic Plan, determine your long term goals
Analyze, who are you targeting as customers and where will you meet them
Management, who will manage your business while you are developing and marketing
Competition, who is your competition
Pricing, are you priced to sell
If you do not currently have a business plan, you are at the mercy of anyone and everyone who has a thought about what you should do and how you should be doing it. You are blowing in the wind much like a sailboat without a rudder, there is no course charted; you are dependent on the wind and your sail is not open into the wind. When you develop your business plan, you will find that your thoughts are clear and your purpose is unwavering. Your die is cast, your faith is sealed, and your rudder is pointed in the direction of your destination, your mission is clear. You can go to an investor confident that you are committed to your mission and purpose and have done your research, due diligence and are poised to be funded.
A business plan is your business playbook it is your recruiting tool, to attract quality personnel, and your roadmap for marketing and business development. Utilizing a Virtual Assistant (VA) to help you to accomplish this task is a good first step as an entrepreneur.
Your business plan is also an itinerary that helps you to meet your proposed objectives. A navigation tool that helps you stay on course that if you run into a detour, can redirect you. A roadmap to your destination.
Having followed your business plan, your business is meeting its’ objectives you have received funding from your investors and everyone is excited about, not only your business growth but also, the potential for continued growth and incredible success. You feel that you have accomplished the vision, the dream that inspired you to step up and out of your comfort zone. A major business milestone is completed and you can enjoy the benefits of being poised for funding and growth.
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