A business plan is a lot like a having roadmap – you can get where you’re going without one but it’ll take longer and you can easily get lost. That’s no way to run an organization.
A good plan – one that is well-researched, can change with the times, can help you find the right path and even help with financing. Lenders and investors aren’t going to be buying into your vision unless you have a reasonable chance for success.
A business plan that sets clear goals is important because it allows you to look at your company’s potential strengths and weaknesses and gives you a chance to analyze possible costs, revenue sources and profits.
Your business map should include a look at the products or services you plan to offer and why you think you’ll be successful. It should identify who you consider to be your potential customers and who you see as your competition.
All of these aspects are important because you want to have a clear vision of the opportunities and pitfalls you face. This will help you to outline your business’s strengths and weaknesses and how you plan to face them.
By putting together a clear analysis of how you plan to make a profit and build your business, you’ll also be making your goals clear to employees and potential investors.
A thorough, well-researched plan is a great way to introduce your vision to lenders, vendors and suppliers. It should also spell out how you plan to market the business to attract and keep customers. You also want to explain where you’ll be doing business: Brick and mortar? Online? Both? Local or worldwide?
Whether the plan you create is long or short, you can find help on the Internet. This includes templates and plenty of advice to help guide you. You should keep your plan as a living document and modify it based on your success or setbacks.
So create your business map and use it as your guide to find the right road to success - and don’t be afraid to ask for directions.