Writing a business plan
Why is writing a business plan important?
Bobby Singh, Bobby Singh Associates
If you were about to embark on a journey, you would find out where you were starting from, where you wanted to get to and how you were going to get there. It is the same for business planning. Business plans are one of the most effective tools for a small business owner when starting, growing and managing their business.
Unsurprisingly, most entrepreneurs don’t necessary like business planning– it does require time and effort to put it together, many of us feel we already know enough about our offer and customers and we just “want to get on with it”.
However the final business plan and the process of putting it together is well worth the time and effort. You learn so much about you, the business and potential customers.
Why write a business plan?
It can help you have a starting point for future planning by identifying specific short, medium and long terms goals
It can help you to create an action plan outlining your priorities, setting timescales and monitoring mechanisms to control when things get done
It can help you to take a step back critically assessing your business – whether there are any gaps, areas that require further development or if the business it fundamentally flawed
Research suggests that businesses that have a plan not only stay in business for much longer but they also generate higher sales growth and profit than those that don’t have a formal plan.
It can help you when securing funding. You will need a business plan when approaching financial institutions and investors