There is no doubt that a comprehensive business plan takes time and effort to put together, but how important is it to have one?
If you are seeking funding from potential investors or banking institutions, or have a vision for a business, project or venture, it is worth putting together a comprehensive business plan. Doing so provides you with the opportunity to paint a broad brush stroke across all aspects of running a business which can otherwise be missed.
Putting together a business plan allows you to reflect on the type of business model you want to create, and analyse the suitability of it for your business operations. It gives you the opportunity to think about staffing, risk assessment, marketing strategies and the products and services you want to provide. Other critical aspects to delve into are budgeting and financial forecasting, in addition to gaining clearer vision as to you customer, vision, values and purpose.
A business plan will help you identify potential competitors and, more importantly, decide if they are really competitors. As you dig deeper, you may find that not too many businesses offer exactly what you do, and even if they do, they are lacking a vital part: you. Once you identify this, you become the unique selling point of the business.
Creating a solid foundation for your business is critical for future success. There is an element of fluidity and adaptability required when it comes to running a business, and your business plan may and will change. Taking up opportunities that come your way is a realistic and part of organic business growth, however doing so through the lens of a solid business plan will allow you to make decision with confidence.
A business plan provides clarity, a solid foundation and a direction in which to begin a new business, project or venture.
To find out more, join Business Advisor Sana Turnock in her upcoming working: The Business Plan: What You Need to Know.