WHY DO I NEED A BUSINESS PLAN

Do you want to expand your business? Be competitive in your industry or achieve certain goals? If you answered YES to any of the above, you need a Business Plan. It doesn't matter if you just started or have been running for years, Business Planning can be the key to your Success. Below are three reasons why you need to get started on your Business plan today.

1. IT IS VITAL TO HELPING YOU SECURE FINANCE

If you are seeking finance for your Business, you will need to show Banks and Investors why they should invest in your Business. Lenders and investors can only risk their time and money if they are confident that the proposed Business will be successful and profitable. A thorough and well-researched Business Plan:
 Shows that you are serious about your Business.
 Help lenders and investors understand your Business Idea.
 Shows your predicted profits and income streams
Your marketing plan is also a crucial part in attraction of funds. Study more on finance for relevant information related to applying for finance.

2. IT CAN HELP YOU PRIORITIZE

A complete, thoughtful Business Plan is one of the most valuable tools in helping you reach your long-term goals. It gives your Business direction, defines your objectives, maps out strategies to achieve your goals and helps you manage possible bumps onyour way.
A business plan will help work-out the goals you want to achieve and the strategies to achieve them. This means you can focus your resources and energy on what you need to do rather than spreading yourself too thin. Once you have got a business plan in place, it is a good idea to regularly review and update it to:
 Remind yourself constantly of your goals and priorities.
 Know if your strategies are working or futile.
 Adapt to new changes in your environment.
 Make the most out of new opportunities as they come by.

3. A BUSINESS PLAN CAN GIVE YOU CONTROL OVER YOUR BUSINESS

Developing a Business plan helps you to step back and look at what is working in your business and what you can improve on. Planning will give you a sense of control about the future of your business and pay off on the long run. This can seem overwhelming and time-consuming but many successful people see it as an opportunity.
The process helps you learn about the different forces and factors that may affect your success. If you are already in Business, it helps you step back and look at what is working and what you can improve on. Instead of worrying about the future, it gives you a sense of control over your Business. Writing and researching for your business plan gives you the chance to:
 Learn about your industry, market and competitors.
 Write down exactly where you are and where you are headed.
 Identify challenges you may come across and work out strategies to avoid or overcome them.
 Understand your Business finances including managing cash-flow and determining your break-even point.
 Set specific goals, time-frames for achieving them and how you will measure performance.
 Make sound Business decisions that focus your activities, maximize your resources and give you a competitive edge.
It is important to have a business plan; it’s just as important to keep it up to date. A business plan is not a document you create once and store in your bottom drawer, it’s a living guide that should be developed as your business grows and changes. Successful businesses review and update their Business plan when circumstances change.