Whether you've just started out or been running for years, business planning can be the key to your success.
We've laid out three key reasons why you need to get started on your business plan today: If you're seeking finance for your business, you'll need to show banks and investors why they should invest in your business.
Doing some pre-startup homework and crafting a business plan now will make your life post-startup so much easier.
Entrepreneurs generally focus primarily on the “big idea”—less on its execution.
In fact, as “lean startups” proliferate and entrepreneurs conduct business in hoodies and flip-flops, the business plan may seem as outdated as a horse and buggy.
Entrepreneurs buzzing with excitement about their great new business ideas rarely want to sit down and spend weeks or months writing a business plan.Lenders and investors will only risk their time and money if they're confident that your business will be successful and profitable.A thorough and well-researched business plan: Your marketing plan is also a crucial part of helping you to attract funds.This means you can focus your resources and energy on what you need to do, rather than spreading yourself too thin.The planning process also helps you to consider possible bumps in the road and put a plan in place to better manage them if they do come up.Even if you’re not actively seeking financing, what if an opportunity arises for someone to invest in your startup or otherwise help you launch?If your business plan is ready to go, you can hand it over and impress them.Once you’ve got a business plan in place, it’s a good idea to regularly review and update it to: Developing your business plan helps you to step back and look at what's working in your business and what you can improve on.If you have employees, the planning process can be a good opportunity to seek their feedback on possible ideas and improvements.Take a look at Finance for more information on applying for finance.A complete, thoughtful business plan is one of the most valuable tools in helping you reach your long-term goals.