Why Do You Need a Business Plan?

A business plan is a valuable tool for building and managing a business; it provides entrepreneurs with a strategic roadmap for the future by outlining the route they need to take to reach their goals. Business plans also serve to help organizations define their objectives and goals as well as provide them with the strategies required to achieve them.

 

A business plan can be useful in many ways. Externally, it can help raise capital for a start-up venture or attract new funds for an existing organization. Internally, it constitutes a framework for planning your business – from laying out goals and strategies to outlining day-to-day activities and forecasting the resources required for your business operations; a business plan provides a benchmark to measure actual performance by.

 

Every business owner, whether they are just starting, have been in business for years, or ready to grow, should have a business plan. Lack of planning is considered one of the main reasons for the failure of businesses. But how do you create a business plan?

 

Here are 10 steps to help you develop a business plan:

 

  1. Identify your business idea, vision, message, and core values

  2. Identify your skills, competence, and key resources

  3. Identify external market conditions and potential customers

  4. Understand your competitors and competitive advantage (what makes your business stand out from its competitors)

  5. Identify your opportunities and challenges

  6. Set your strategic goals for the planning period

  7. Develop a marketing strategy

  8. Plan your operations

  9. Make financial projections

  10. Implement the plan

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