accounting, marketing, legal assistance, etc. Many small businesses employ contractors or freelance professionals, e.g. It tends to bring structure and organization to a process that may be become chaotic. The business plan helps to focus their activities and presents issues in an organized manner. Focusing founders/management team - During this stage of business development, the founders often become weary from the relentless onslaught of issues facing them. If you are not involved in writing the business plan, how can you implement it?ģ. This is why it is critical that you are intimately involved in writing the business plan. A great business plan is worthless if it is not properly implemented. The first stage is creating the plan and the second is implementing the plan. Without a business plan, objectives often become arbitrary, while business planning tends to make benchmarks more intentional and consequential.īusiness planning is a 2-stage process. The more specific your business plan, the easier it is to implement the plan and build your business. ![]() Creating a blueprint for action - The business plan provides you with a "blueprint" or "action plan" for creating your business or business expansion. Think of the business plan like a substitute teacher, ready to answer questions anytime there’s an absence (because odds-are you won’t make every decision yourself).Ģ. ![]() Building a business plan allows you to proactively determine the most tangible answers to some of the most critical business decisions. In other words, do the pieces fit together? Writing the business plan will lead you to well-researched and insightful answers ahead of time to identify holes in your project and force you to critically think through various aspects of your plan that you previously had not identified. Until you prepare your business plan, you won’t know if the internal logic of your proposal is consistent. Putting the pieces together - Determine the purpose of your plan. Identify which ones are relevant in your situation.ġ. Below are eight reasons for writing a business plan. That means you need to identify why you are writing it and how to prepare it properly. See Information File C5-69, Create Your Own Business Plan, for a business plan outline and template.īefore you start writing your business determine the purpose of your plan. A feasibility study includes financial analysis, while the business plan focuses more on implementing well-thought out tactics and strategies. The business plan is formalized, after the business opportunity is created. ![]() The feasibility study determines whether the idea/project of a good or service is viable. But if you are serious about creating a successful business, you need to be serious about creating a good business plan.Ī business plan is not the same thing as a feasibility study. The major reason people don’t want to write a business plan is that it is extra work that they don’t find enjoyable. The business plan is the tool to convince others their investment is worthy.Īlthough a comprehensive and well thought out business plan is important to the success of your business venture, many people drag their feet when it comes to preparing one. Formulating a business plan should be one of the first things done when starting a new business, because the primary goal of most business plans is to raise outside-investor capital. Every business needs to have a written business plan, whether creating or expanding a business.
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