Why you NEED a business plan
Updated: Nov 21, 2022
Starting a new business? You’re going to need a business plan, but don’t worry we’ve got you covered…
What is a business plan?
A business plan is a guide created by the company that consists of goals, finances, marketing aims, operations and overall management that depict your company’s future. In simple terms, it helps you get from A to B.
Why is a business plan important?
1. If you’re planning on getting funding, a business plan is vital. It will also make the process much easier having it in one document to hand over to your investor, it should also help your investors to feel confident that they will get a return.
2. A business plan will make sure your company is running strategically and working towards priorities, with a plan you’ll be able to track your progress and have your staff work towards the same goals.
3. It will be much easier to create achievable goals and milestones that your company will work towards.
You should use SMART targets:
S: specific (real figures with real deadlines)
M: measurable (make your goals trackable)
A: attainable (make your goals possible)
R: realistic (set honest goals your team are capable of)
T: time-bound (give your goals deadlines)
4. If you’re a small company then you’re more likely going to hire multiple new employees, with a business plan, you can easily get all your employers on the same page, working towards the same milestones.
5. Being an entrepreneur is stressful, but with a business plan you’ll have some peace of mind! You’ll have back up plans in case there’s a bump in the road and be able to effectively divert any crisis.
6. If you’re a new company then money is likely going to be tight, a business plan will help you to control and monitor your cash flow which will be your key to succession and allow you to safely make large, effective investments.
In summary, to have a successful business you NEED a great business plan and the many benefits that come with it. If you’re feeling unsure and wary about how to create one or what should be included, then Strive are here to help you out!
For more information give us a call on 0333 335 5137 or send us an email at email@example.com