Are Business Plans Really Worth All The Time and Effort?

Why You Should Welcome the Opportunity to Write and Review Your Business Plan

When you first start in business, your bank manager usually asks to see your business plan.  So, too, do any other funders. When you've grown a bit and are looking for extra funds, there's still a request for your plan.

But, if you're business is going along reasonably well, do you really need a business plan?  Or, if you don't want to borrow money, what's the point in having one?

A business plan is the route map for where you're going.  Let's face it, you don't set out to travel 200 miles without having a map of your route.

Some people who are driving from York to London point their vehicle in the direction of the motorway signs and hope to find their route from there.  Others plan the route they'll take and know exactly how they'll get from York Minster to Westminster.

In business the first type of person is the equivalent of opening a shop on the High Street and hoping that people will see it and pop in to buy your products.

The second type of person is the one who plans the opening date, organises press coverage, sets targets for sales for specific periods, knows when they intend to introduce new stock and has plans for what they'll be doing in 3 and 5 years from opening.

Which sort would you rather be?  With a business plan that's regularly reviewed, you'll do a lot more for your bottom-line than you can without.

Now's the time to take action. Your business plan is your plan for success.  Remember the saying 'Failing to Plan is like Planning to Fail'.

If you're not seeking funding, your plan doesn't have to be a great literary work.  Headlines and bullets will suffice for some of it.  You will, however, need to work through the numbers.  They're key to your success.