Business Plan: Is It Necessary To Plan First For Your Business?
A business plan is to a business as a family plan is to a family. Most people, who venture into business do not take the initiative to create a business plan. It’s prevalent with small businesses. Why? Maybe they think that it’s not necessary.
But get it right from me that there is little you can achieve in life without planning. More so in contemporary times, when survival depends largely on one’s ability to organise your physical and mental resources well. The future is actually for organised people. And the future of your business depends upon your proper planning.
Planning is vital in life. Everybody should plan an individual or family level. As an individual, you need to prepare for the day well in advance to accomplish your intended daily tasks. At the family level, a family plan helps you to focus on supporting the entire family in its growth and development. Likewise, you need to carry out planning at the business and organisational level.
A business plan is, therefore, a summary for taking an idea for a product or service and turning it into a commercially viable reality. It’s a road-map of the business you intend to start. Without it, you may get lost on the way. It should, therefore, worth remembering that having generated your business ideas and analysed them to come up with the most viable idea; it’s essential to create a business plan. Do you have one?
Some people think that they don’t need a business plan for a small business. But let me clarify it here that the size of the company doesn’t matter. Whether small or big, it’s crucial to have a plan. If you need one as a person and for your family, then why not have a plan for your small business? Did you know that even big companies were once small enterprises? Like for individuals and families, you also need to plan for your small business.
A plan shows you what you would like to achieve. It also shows you how to get it. Although you may have your business plan in your head, a proper business plan should be written down. If you’ve it in your head, it’s high time you spent ample time to write it down for better results.
Why should you create a business plan?
First, it encourages you to dig deep about your business objectives and goals
When you create a business plan, you get to think about the short-term and long-term objectives. It also helps you to develop a mission statement for your business. By so doing, you remain more focused as you do your business.
Secondly, it encourages you to think about the possible problems and how to overcome them
In any business you may think about, there are always risks involved. Creating a business plan enables you to anticipate these risks that you may encounter in the process of running your business. It also makes you think about the various ways of overcoming any future problems. That’s a proven way of looking at things for you to remain in business.
Thirdly, you get a clear picture of the whole business project
The process of making a business plan makes it possible for you to focus on the nature of your business in details, to analyse your target market, to develop a strategic, marketing and operational plans. Additionally, it enables you to make your financial projections.
Fourthly, you get new ideas
It becomes easy to communicate your ideas to the people you interface with, who in turn can give you better ideas or complement the ones you have.
Lastly but not least, you collect all the materials to one place
Having a business plan makes it possible to have all your ideas and plans in one place. It becomes more comfortable for you to refer to it and to use it to develop your business. You become a more committed business person and even other people, like your prospective financiers, can easily regard you as a serious business person.
As I conclude, let me advise all people, who want to start any business or who already have a business without a business plan, to think about creating one as a way to building a successful business. One of the causes of failure in business is the lack of proper planning. Create a business plan if you want to succeed in your business!
Hello! My name is Charles Kiyimba, a creative engraver, a professional teacher, a passionate blogger, a confident graphic/web designer and the founder of Goleza Designers Ltd, an engraving business that turns images into real products. Through my hands-on experience, I share with you free helpful information on our products and services, business, marketing and personal development. Always dive in for more!