A business plan is like a road map to a specific destination. You’re more likely to get to your destination if you have a map (or GPS!) that tells you how to get there. The tasks to be performed are like stops along the way.
When you include a financial plan, a business plan can help you to identify the types of expected expenses and how much it will cost to build and operate your company.
Business plans help you and others to see your vision more clearly.
They paint a picture of what your company may look like in years to come.
Plainly, a business plan is also a vehicle to help you to obtain investment capital, whether it’s from friends, family, or outside investors.
Business plans can help you to think about how your business will grow. When you have a project plan in your business plan, you’ll see the next steps.
For many companies, the genesis of standards to operate the business originates in the business plan.
“Focus.” I like this word to describe what a business plan can do for the entrepreneur. Business plans help people to hone in on the details. At the same time, like a roadmap, they paint a picture of the entire trip.
When writing a business plan, important questions are answered and decisions are made. However, because business plans aren’t written in stone, they can be changed as needed.
Whether you have it all figured out or you don’t, writing a business plan is a good idea. I say YES to business plans.
Would you like to know the best reasons people have told me they don’t need a business plan?