Why Every Entrepreneur Needs a Business Plan

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Are you an Entrepreneur or hoping to be one in future? Have you ever thought of having a Business Plan for the business(es) you are operating today and the ones yet to be created by you in the future or do you think you do not need it to be successful?

How hard is it?

You don’t need a College degree to develop a befitting business plan for your business, you just need to understand what the term means and that alone will create the urgency to have one and the inspiration of what it will look like.

Just like in physical structure a modern builder no matter his height of knowledge can do nothing both in building from the scratch and in amendment without the Building Plan, so also it is in business – a Business Expert can do nothing without a Business Plan.

Business Plan in a simple term is your plan for attracting investor, getting the customers to prefer your products and services over those your competitors and your road map to having a blissful business future.

Whether you are into online business or offline business you need a business plan. But having one has never been easy as you have to spend months writing it and your entire business life editing and updating it.

Note: No business is too small not to have a business plan and no time is too late to start writing one.

I’ve understood that some of the reasons why most businesses die with the first generation owners who embarked on traditional way of doing business is because they do not have an effective and efficient business plan. And the question is; why do Entrepreneurs need this Business Plan?

I’ve carried out a research, conducted a few minutes standing interview with friends and senior colleagues in the entrepreneurial world coupled with my experiences to answer that question. I know someone reading this article might be wondering – is it necessary? Yes! It is! Let me show you reasons why you need it.

¤ As an Entrepreneur, you need a clear statement of your business vision and mission

It is very important. Like in Emchis Consulting, our vision is to become Your Best Busines Environment For Expert Advice. This simple vision statement has helped us to remain focus on delivering the right information.

¤ As an Entrepreneur your Business Plan helps you set values that can help you navigate your business towards success during economic crisis.

¤ As an Entrepreneur your Business plan is your best tool for monitoring progress in your business

Yes! It helps you know if you are meeting up with the sales target or not.

¤ As an Entrepreneur your Business plan is your business blueprint that can help you focus your mind and energy while building your business from scratch to maturity

Since it works like a manufacturer’s blueprint, anyone can easily spot out where the problem lies and what to do to correct without having to speak with the owner.

¤ As an Entrepreneur your Business plan helps you analyse who your potential customers are, where they are, when to find them and what they want

¤ As an Entrepreneur your Business plan helps you become accountable to yourself

¤ When seeking for a loan or introducing your business to investors your Business plan acts as a résumé without which no one can take the risk of investing

¤ As an Entrepreneur your Business plan helps you figure out who your competitors are, their strengths and weaknesses and how you can leverage on them

The reasons are too numerous than we can mention here but the ultimate truth is that you need it to make a successful Entrepreneur.

Help us expand the reasons by sharing it with us on the comment box.

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