Why a Business Plan | Importance of Business Planning | Business plan
Why should you have, at the very least, a simple business plan ? Tell me honestly, if you were planning a wedding wouldn’t you sit down with a piece of paper and decide what you need to do? If you were planning a family vacation, you would just hop in the car and start driving without a destination in mind, right? Well, you shouldn’t start a business, or continue to run a business, without a plan in mind…it’s literally your roadmap to success! Doing business without a plan is a sure recipe for failure.
Keep it Simple
Regardless of what type of business you are in, or what business you are starting, keep it simple, but make sure you have a plan in place. When you sit down to write a plan you are literally mapping out the paths you want to take in your business. A simple business plan defines what you want to accomplish, how you will get there, what steps you will need to take and it will help you streamline your thoughts, your business and create focus.
You may be under the impression that a business plan has to be some huge undertaking, a massive document that you can take to the bank for approval. It really isn’t necessary (unless you ARE looking for start-up funds), to have a huge document at all. Those types of business plans normally take into consideration detailed market research and lots of projections about your business. What we are talking about here is your beginning steps to creating your simple business plan, something you can use to focus your efforts right now.
Creating Your Business Plan
The goal initially, is to create a business plan or page that outlines your specific goals, put your thoughts and ideas down on paper, taking the time to really THINK about your business. Where do you want to be in 90 days, 180 days, a year from now in your business. How are you going to reach those goals, realistically. Estimate your expenses and be brutal, plan for every possible cost, including outsourcing if you need to. Research your target audience, who are they, what do they want and how will you deliver to them. How will you advertise, what will speak to your audience. Estimate what your profits may be based on factors that will effect your outcome. Not only can you use this to create your initial simple business plan, but you can also use this same method to do a business expansion, or add another income stream to your current business. If one direction isn’t working, plan another! Rather than working blindly, without structure and in an organized plan, you can create motivation, focus, and direction by following your simple business plan once it’s laid out well.
Change Your Business Plan
Don’t believe the common myth that your business plan is a “set in stone” immovable object. It’s yours to create and re-create as needed. As your business grows, you will certainly change your simple business plan accordingly. Think of it as a living document that keeps one or two steps ahead of what your business is actually doing. You may find that certain aspects of your business will grow more rapidly than others and with that, you may decide to focus on those areas more in the future, but plan for those changes ahead with your business plan!
Adapt Your Plan As Your Business Changes
For me, I decided twenty years ago in my pest control business to perform services by using a power sprayer as opposed to a hand sprayer. Well, as times have changed and environmental concerns have changed our industry completely, including the products we use to treat houses with. Accordingly, I changed my business plan in a large way. Changing over to an electric backpack sprayer system uses less product with the same results, takes less time to complete the service and still provide a great service and put even more focus on great customer service. In order to successfully make these sweeping changes, I had to go back to my business plan and map out the best way to implement the changes! My simple business plan….still works, it adapts to my needs and leads me every step of the way.
The Point of Your Simple Business Plan
The point of having your simple business plan by your side can help you evaluate decisions, project income and expenses, plan for adding value to your company, and help you stay successful! Before you start a new project, look at your business plan and determine how the changes affect your overall goals. The point of your simple business plan is to save you time, money and discouragement
Author Bio:– Hello, everyone! I am Ravi Parimi founder of free movie apps and jio 4gvoice . First of all, thank you for reading my article. Hope you all like my content as well. I am expertise in Google AdSense/SEO/Marketing. Top techies is the main blog where you can get all info about Technology and mobile app that Top lists in the world, etc