WHAT YOU NEED IS A BUSINESS PLAN
Too many business ideas?
Don’t Know where to start?
Don’t Know what to do?
What price should I charge for my product?
How many staff should I employ?
How are my going to reach my customers?
Are These your Questions????
WHAT YOU NEED IS A BUSINESS PLAN
A business plan is a written description of your business’s future, a document that tells what you plan to do and how you plan to do it
Business owners often wonder, “Do I really need a business plan? Is writing a business plan really the best use of my time?” The answer to these questions is almost always, “Yes.” A business plan is an integral part of a business, it’s the Life-wire of the Business it tells you what to do and when to do it
- A Business Plan Is Simply a Must-Have for Businesses that want to prosper
- A Business Plan Helps You Make Decisions
- A Business Plan is a Reality Check
- Business Plan Gives You New Ideas
- A Business Plan Creates an Action Plan
- A business plan monitors progress
So many Business owners and Potentials entrepreneurs ask that why do they need a business plan if they were getting all the funding they needed from friends and relatives.
It then Occurred that majority of them were thinking of a business plan as just a fund-raising tool.
In fact, a business plan is much more than that:
It’s a tool for understanding how your business is put together. Y
You can use it to monitor progress, hold yourself accountable and control the business’s fate. And of course, it’s a sales and recruiting tool for courting key employees or future investors.
Business plans provide direction and pertinent information to owners, employees, potential investors and lenders. An effective business plan details the mission and goals of a business and the ways in which your company will achieve them. It provides a road map for business owners just starting out as well as for larger companies looking to expand and excel in their area of expertise. A business plan efficiently answers common and pertinent questions regarding the daily operations of a business and its future
WHY YOU NEED A DETAILED BUSINESS PLAN
- To prove that you’re serious about your business
- To establish business milestones
- To better understand your competition.
- To assess the feasibility of your business
- To document your revenue model
- To determine your financial needs
- To attract investors
- To reduce the risk of pursuing the wrong opportunity
- To attract employees and a management team
- To document your marketing plan
- To identify new opportunities
Drafting out your business plan forces you to review everything at once: your value proposition, marketing assumptions, operations plan, financial plan and staffing plan. You’ll end up identifying connections you otherwise would have missed. For example, if your marketing plan projects 20,000 customers by year two and your staffing plan provides for three sales personnel, that forces you to ask: How can three sales personnel generate 20,000 customers?
But even more than a tool for after-the-fact learning, a business plan shows you to drive the future. When you state that “We expect 100 customers by the end of year one,” it’s not a passive prediction-you don’t just wait for the customers to show up. It becomes your sales force’s goal. The plan lays out targets in all major areas: sales, expense items, hiring positions and financing goals. Once laid out, the targets become performance goals.
When a potential client asks to understand your business, you can hand them the business plan that gives them an entire overview.
Their reactions tell you something about how quickly and thoroughly they can think through your business’s key issues. Plus, the written record of your goals coupled with a track record of delivering against those goals sends a message loud and clear that You understand your business and can deliver the results you promise.
Clients will respond to that message-as will banks and investors the next time you need to raise money.
Before deciding to skip your planning phase, consider all the implications and what they mean for your future success.
Mecer Consulting Limited uses refined and industry approved processes to write your business Plans, we have some of the best Research, Business and Finance Analysts in the industry.
We have written hundreds of business Plan over the last two decades