What is a Business Plan
A Business Plan is the blueprint, the handbook and the foundation pillar of any business entity. It is always a detailed and articulated documentation showing the roadmap and compass of a firm. It is a well thought out plan that is clear, easy-to-follow and understand by anyone who comes in contact with it.
Notwithstanding how small or big you want to start your business, planning is an inevitable part of the business and of course, the foundation of the business which will determine the reliability and lasting power of the business. Any Entrepreneur who ventures into business without a Business Plan is most likely going to be swallowed up by the rigors of business activities but the reverse is the case for an Entrepreneur who understood the place of planning in starting up a business. The five Ps has it that “Prior Planning Prevents Poor Performance.” Such a person strongly and decisively deals with issues arising from his business because he had already made plans for exactly the issue that arose or similar issues.
It is a fact that most Entrepreneurs don’t value the importance of a Business Plan and for the few that might have heard of it and have as well seen its power in action do not know how to write it. Other class of Entrepreneurs who understood the importance of a Business Plan only write one when they want to secure loan from Banks and Investors but this ought not to be. Writing a Business Plan is good and simple. If you are still a starter and cannot hire the services of a Professional does not stop you from having a Business Plan. In its simplest note, a Business Plan ensures that you put your business ideas on paper, conduct a research on the various factors needed to make your business a success and in each case, identify your strengths, weaknesses, opportunities and threats. That is, your SWOT analysis.
Just like the foundation of every building is tasking and time-consuming, so also it is in Business Planning. The strength of the business is dependent on the quality of the planning. An old saying has it that when you fail to plan you have planned to fail and if you missed Heaven, you can never miss Hell. The earlier you start gathering your daily business ideas and of course interconnect them in a way it will reflect success on your business, the better for you.
Of course I wouldn’t want to sound so exaggerated to you by telling you wholesomely that writing a Business Plan is simple for all businesses, even the Strategic Business Units (SBUs). No! It is indeed tasking. I knew how many months it took us in building the Business Plan of our magazine and of course this blog. When you saw blog I know you wondered if it was worth it writing a business plan that consumes money and time on just a blog. Well, this blog (as you may call it) is already turning out a good business haven.
We had to write and tore, type and delete, sleep and welcome up until we were so sure we have overcome. Anyway, that is not meant to frighten you but to strengthen you that if it must be gainful, it must be painful. If it must be glorious, it must be gloomy. Don’t panic, let’s move ahead.
If the reasons above isn’t appealing enough to make you invest such a huge amount of your time to write a Business Plan then let me blow your mind that this has become a necessity for your business success. It will always run through your mind each time a new idea comes in – whether to amend the plan just like the Legislators do to the constitution or to remain in the a-bi-initio plan.
In my next article I will show you 13 unavoidable reasons why you must have a Business Plan. Hope you enjoyed this article and most importantly, you now know what Business Plan is. Don’t forget to share this post with friends and leave your comments for me.