Eight (8) reasons

Let’s have a look at the eight (8) reasons why we need a business plan.

Record and present business information

The primary intent of a business plan is to record and communicate information. It must document the business goals and the methods to attain those goals in a structured manner. It keeps businesses on track with their objectives.

Make informed decisions

A business plan is a reality check to track what is being fruitful and what is causing hindrance. It paves the way to make a business sustainable..

Predict future financial performance

Financial projection is the spotlight of a business plan. It’s the carrot that captivates the eyeballs and tickles investors to fund a new business. A promising business plan talks about the company’s future financial performance – expenditure, profit, revenue, etc.

Get clarity on your business

A frequent question that pops-up in business discussions is: “Are we doing it right?” A well-articulated business plan brings insightful knowledge on each aspect of a business – from what it has to offer to how to market the offerings.

Explore new business opportunities

A business plan is a flexible document that enables learning on the go. It bolsters research and infuses businesses with new and more feasible business opportunities. It gives organizations a fresh outlook and ushers them to be a howling success.

A blueprint for seeking business investment

Whether you are a fledgling start-up or an established business seeking expansion or diversification, writing a winning business plan acts as a magnet to attract investors. It builds confidence and trust among investors about the lucrativeness of a business idea.

Lay down the right path

Not everything discussed verbally at an idealisation stage transforms into reality in a pragmatic environment. Jotting down a business plan differentiates achievable from impracticable based on market dynamics, company’s strengths, weaknesses, opportunities and threats. It sets the right track for business growth.

Establish short-term and long-term goals

A business plan sets down short-term and long-term goals and the direction to accomplish them, right from baby steps to giant leaps. It becomes a basis to revisit the goals from time-to-time and make iterations depending on the present scenario.