A business plan is as important as the success of the business is. Any entrepreneur who wishes to make it big in business must not invest a dire into any business of interest without first constructing a profitable business plan. Of course you know that a Business Plan is like a roadmap leading to the success of the business. However, you don’t need to spend all your time hoping to write the most articulated business plan – just do it. Write something; at least more than half for small business owners but for great conglomerates, make sure you did all the work from day one.
You can do it. You can write a profitable business plan, but in a situation you don’t trust yourself enough you can always count on us here at Emchis Consulting for guidelines.
For seven top reasons you can’t do without a business plan and that’s what I have got here. Enjoy it.
7 Reasons Why You Need a Business Plan
1. Business Plan makes you stay focused and on track
I have a popular slogan with me “that the focused attitude of an Aircraft is what keeps it going beyond the limiting gravitational force.” When you venture into business, things you never imagined that existed keeps popping into your imagination and if you lack a clear-cut plan of what you are in for and where you are going you may lose focus and start failing. If you want to know Entrepreneurs who lacked concentration go and check those who had no Business Plan.
2. A Business Plan offers you good assistance in setting the standard for accessing and evaluating your business
By taking your mind back to the day you first had that business idea(s), you will understand with me that the business you thought of was quite fascinating. If by any means something goes wrong in your absence, it is with the help of the Business Plan that people can correct the mistake made being in accordance with the vision of the Pioneer. I stand to be corrected that one of the reasons why so many businesses could not survive beyond the first generation owners is because they lacked solid and implemented Business Plans.
If there be a yardstick for measuring accuracy in staff performance in a company, an assessment tool for determining high-level performance in School systems and a limit of Right to offenders, I think we would have no heavy problem to contend with. Remember: Business Plan is a compilation of your Business Ideas in such a manner that it can deliver an optimum result of success. This makes it clear that we must not limit a Business Plan to only businesses. It must be extended to everything that makes us busy – that’s ‘busyness.’ It could be a talent, life goals or a profession. Just name it!
3. Adjustment and Readjustment where and when necessary can only be real in a business that had a Business Plan
To identify the place of error in a licking roof, you must search out for the pigeon-hole using the Building Plan. And until you find the Pigeon-hole in the Building Plan, you may succeed in spending your time in futility. With the help of a Business Plan you can be able to find out mistakes and business failures where and when necessary and within the limit of your knowledge or that of your hired Professionals offer solutions to ameliorate it.
4. Business Plan helps you build values and principles that will guild your company
The kind of product you are limited to trade on must be inculcated in your business plan. How you intend to convince customers must as well be part of the content of your business plan. And the class of customers you are out to serve, the value-rating you seek to acquire in the market, your innovative approach and the standard every workforce of the company must undertake in fulfilling the company’s vision must be strictly spelled out and followed in the Business Plan.
With this, you have acquired the unbending principle towards achieving business breakthrough and greatness.
5. Business Plan helps you recognize opportunities, identify risk, plan preventions and develop strategies to tackle any eventuality
Entrepreneurs who have a Business Plan for their business and apply it to the core are never easily tossed up and down by the prevailing societal issues at hand. It is this kind of people that Zig Ziglar referred to as Real Managers who get excited when their customers complain. Zig Ziglar has it that when customers complain, business owners and Managers ought to get excited because it is a huge opportunity for more business. Why would they get excited because they have just been reminded of their weaknesses and that’s a good opportunity to either subdue it or work on it?
Even before they walk into business, by the power of a good Business Plan, they have known what their possible opportunities for more business are, a limiting weakness that could stand their way, possible risks they must undertake to unveil the next success and of course have searched out means they could prevent the avoidable risks and strategies to tackle the unavoidable risks.
6. A Business Plan defines your products or services
It is in your Business Plan that you determine if your company will be focusing on delivering products (and what type of product?), services (and what type of services?) or products and services (and how this two can be combined optimally). To establish a firm that can’t fail so easily, you must seek to deliver services when selling your products.
If you don’t know how to start or what to sell, start by selling services and then grow into selling products. Once you’ve grown into selling products after services, you can go to think while your business goes ahead in gaining the market shares.
7. A Business Plan helps you channel your energy in the right direction and eliminate waste
Your Energy Bank Account has things that make it stocked up and things that make it glow red. The previous is the right investment of energy and the recent is the wrong investment of energy.
You may ask, how do people invest their energies wrongly? Yes! People do. They do that by taking uncalculated risk, by venturing into unpredicted success lane hoping that miracle will happen or luck will shine on them, by not studying the successful business pioneers, by working on assumptions and expectance of instant gratification. With a good Business Plan you can overcome this low-level mentality that has brought people unprincipled success.
If you have a good business plan which by professional look has been approved to last, you have no worry to worry if the business will pay or not. You simply know that you are in for great business.