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With any venture you will take, it is going to be much more successful if you have planned it, correct? There is no exception to owning a business.
We have a whole workshop dedicated to helping businesses get their own business plan created over two one-day sessions. I have come across a lot of business owners who think having passion and confidence in their business is enough to succeed. Although they are very important factors that contribute to a successful business, as the global award winner for Business Planning (2015 and 2016) I believe that it is vital to have an effective plan in place.
Here are my seven reasons for the importance of a Business Plan:
- A clear and concise statement of your business mission and vision
- Targets to track your performance
- A clear breakdown of your industry, e.g. opportunities and threats
- A map of your major competitors and your competition strategies
- An evaluation of your businesses strengths and weaknesses
- A map and timetable for accomplishing your goals and objectives
- An analysis of your revenue, costs and projected profits
If these benefits haven’t convinced you, it is important to consider the risks you are taking when you do not have a Business Plan in place:
- If you haven’t anticipated your start-up costs, you run the risk of running out of cash before you have even opened your doors
- Losing current and potential clients because the quality of your services/goods fall short
- Becoming overwhelmed by all your options and choices because you hadn’t planned out your company’s mission and vision
- Being unclear of who your customers are and what they are after, and therefore missing sale projections
- And worst of all… Going bankrupt! If you don’t have an efficient business model or a plan how do you expect to make and track your money?
The time you spend creating a solid business plan will be time well spent. The more preparing you do, the more prepared you will be for everything your business faces.
If you feel like it is time to get your Business Plan done and dusted, please follow the link below to have a look at our upcoming schedule. Feel free to contact me with any queries or register your interest, 0414 943 823 or firstname.lastname@example.org.