Do you really need a business plan?

Firstly, have you asked yourself- do I need one? If so, read on.

Does the term “business plan” bring you out in a cold sweat? Do you think it’s a waste of your time and energy? You may think “what do I need one for I know what I am doing?”

If do you, think again,

Above all, planning, and your plan shows how you can turn your business into a reality. If you don’t write one it may be hard for you to survive and prosper. So, if you want your business to make money (why wouldn’t you?) then start putting your plan together.

However, if you’d rather have an expensive hobby, leave it!

To clarify, you need to make sense of your business ideas. For example you may have a lot of different business ideas that can look quite chaotic to an outsider. Remember, planning focuses the mind, brings clarity and helps your business make money.  Also, it’s really useful if you want help to secure a business loan or support.

So, you really do need to make the time to write yourself a good business plan. It will give you a clear picture of where you want to take your business and help you make money.

Think about the main areas of your business, and start planning !. Be coherent and consistent.

What do you need to know?

“It takes as much energy to wish as it does to plan.” ― Eleanor Roosevelt, former first lady of the United States

Your business plan is not cast in stone. In other words, it will need to be flexible i.e.  changing landscape. Most importantly, grab positive opportunities that come your way.  However, keep a focus, and do not be distracted by shiny business baubles.  Put in the sweat and you will reap the rewards!

Things to note:

  • Your business planning is like telling a story
  • Get to grips with the key parts of your plan and see how they fit together
  • The role your numbers play in your planning
  • Develop your confidence and decision making skills

To sum up your planning clarifies your business idea and define your long-term goals. It will provide a template for running your business and also benchmarks to check your progress against.

Get in touch with us to find out more about business planning and why it’s important that you have one. For more business and finance , news, advice and tips, don’t forget to watch our weekly broadcasts, listen to our weekly podcast I Hate Numbers.

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