Unsure what a small business plan is or why you need one? In this blog post, we break down the basics so you can decide whether a business plan is right for your company.
When you’re just starting a small business, it can be difficult to think about many things; but one thing you should not overlook is writing a business plan. But why does a business plan matter? I’ll tell you.
Many business owners overlook the importance and value a good business plan can deliver. Here’s how to get clear on your vision and financial targets
Benefits Of A Business Plan For Small Business
The Benefits of Having a Business Plan:
1. Increased Clarity
A business plan can bring clarity to the decision-making process regarding key aspects of the business such as capital investments, leases, resourcing, etc. You can’t do everything. A good Business Plan will help you identify business critical priorities and milestones to focus on.
2. Creation of a Marketing Roadmap
Marketing is an important aspect of a business plan. It helps to define your target market(s), target customers and how you will promote and place your product / service to these markets / customers.
3. Support for Funding
Whether you’re seeking credit from a bank or capital from investors, a business plan that answers questions about profitability and revenue generation is often required.
4. Helps to Secure Talent
For a business to succeed, attracting talented workers and partners is vital. Part of a business plan’s purpose is to help bring in the right talent, at the right time. Staff want to understand the vision, how the business will achieve its goals, and how they can contribute to this in their own roles.
5. Provides Structure
A business plan provides structure and defines business management objectives. It becomes a reference tool to keep the business on track with sales targets and operational milestones. When used properly and consulted regularly, it can help measure and manage your priority areas of focus.
Download your Business Plan template for $49.99 + GST here.
Many people engage us as business coaches to take a weekly / fortnightly step-by-step approach to the development of their own Business Plans, with the added benefit of our expertise and guidance throughout the process. In this way, you learn the essential aspects of running a successful business, while crafting your very own business plan over 8-12 weeks.