Importance of a Business Plan

business plan, what is business plan.“At first, I thought it was not a needed component of a good  business; even though I have known at least some bit about it; only to get into trouble in the course of running my first business” said Josh Doye.

Business plan is certainly needed for a smooth running of  a business, not even the talk of start-ups.

Why are some business ignoring the fact that they need a business plan for their business? my best answer to that is this; ignorance has played a better part of  that business and I hope yours is not like that? even if it is,  this post will give  you some reasons why you need to get w well written business plan for your business.

It is most certain that you will be thinking, when really can one write a  business plan? please if this question bothers you, it is best to know that your business needs a business plan for as long as it exist; since it  will be needed to show forth the way to the future of you business.

This post will help you to see the importance of a business plan and how it can help your business thrive in the short and long term.

A Must Read : The Entrepreneur’s creed

What is a Business Plan?

Even as simple as this question is, i do not want you to take it for granted. A business plan from my own perspective is ‘a step by step documentation of  a business idea from the first stage to a foreseeable running of the business ‘.

If you certainly can get your business running on paper, which we commonly call a business plan; then you will likely have a better chance and control of your business.

Ok, let’s get down to the business of today, which is importance of having a business plan for your business.

Importance of a Business Plan

  1. Direction: Vision can give you a picture of your business in the sense of the future, but a business plan will open your mind to the direction of the vision for your business.  The direction could end up like a well defined goal for your business which mostly comes from a documented business plan.
  1. Confidence: A lot of tips has been written on confidence, But I am very sure that having a business plan will boost our confidence in your business. Business challenges could lead to loss of confidence but a good business plan will keep you in shape.
  2. Success: Success certainly comes to the one who stay put with the plan for the course. every business venture comes with  it own challenges; the first factor that will help you to overcome every form of business failure is a well written business plan.
  3. Access to Fund: One of the reason why a strongly believe that you should get a business plan is because of this point. how can you get access to fund from an investor if you don’t have a good picture of your business on paper. This is why you should have a well written plan; This will increase your convincing power to your potential investors.
  4. Sound Judgment: Business is all about making decision; but how can your make sound decision when you don’t have a picture of your business on paper? This is why you should write a business plan for your business.

If you most succeed in your business, then you must write a sound business plan and ensure you stick to the plan (but let your plan be a flexible one).

Over to you, what is your experience in business? what do you think about the importance of having a business plan.

P.S your will succeed more in business when you have a business plan than when you don’t have any. Have a nice day and i wish you the best in your business.

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Hello, I am Josh .S. Doye, the chief editor of this great blog. He is a freelance writer with an eye for detail; you can connect with him via the contact page on this blog.

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