Why Do I Need A Business Plan?
I would first answer this with a question. Are you serious about your business? If the answer is no then don't bother with a business plan but if the answer is yes then the answer to do I need a business plan is a resounding yes.
I am going to assume, rightly or wrongly, that you are with WA to become successful and you are therefore serious about your business.
How does a business plan help you? For a start it can help you in prioritising the things you need to do and the order in which to do them. It gives you a firm base to run your business from.
You need to be analysing everything about your business, from your website design through to your after sales service. If you have a set plan and keep to it you will find your business flowing a lot more easily.
The sort of things you need to be putting in your business plan are the details of the company and a list of employees, what your future products might be, who your target market is your pricing and sales/marketing strategies.
You will need to list the goals for the company, (not your personal goals), including the timeframe and also the projected income if your plans are correct.
Make a list of your competitors, their products and pricing structure. How do you compare with them?
This is just the basic idea of what you need to be considering. It can be a lot more detailed but I am just giving you the general idea of why you need a business plan.
So in conclusion your business plan will help you to think through every aspect of your new company while highlighting any potential problems with your thinking. By having the plan in place you will be prepared for everything while helping to explain your concept.
I hope to have a training available very shortly.
Derek
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Recent Comments
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An important element of a business plan is the financials and profit and loss estimates. Estimating revenues helps to identify sales volume (number of sales and $) based on commission rates and website traffic that converts to sales.
score.org is a non-profit that has lots of info and templates to help new business owners.
Great article, Derek. It reminds me of something I once heard, "Those who fail to plan, plan to fail".
Some people do have a plan but don't know how to go about with it. Good post Derek. Looking forward to the training.
Carol
Hi Derek,
Indeed, a business plan is vital for your business if you are serious about it. It will serve as a road map for your business. One that you can use to get your business to the place you want it to go. Thanks for the information that you have provided on the topic!
Looking forward to your training! Much success to you!
Kind regards,
Nichola
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A great overview concerning business plans and somewhere within the plan should be a mission statement that defines business values (significant for business owners to practice and for customer understanding).
Yes indeed George. Thank you for commenting.
Derek