10 REASONS WHY YOU NEED A BUSINESS PLAN

bizpi have a great business ideas for making Potato chips and i have figured everything out in my head;

Nkechi said as she sat in front of me with great enthusiasm, passion and a facial expression that indicates that she really knows what shes saying.

i know where to get vendors and i am paying for the operational office space in 3 days. she continued talking.

imagine if i sell 1000 packs at #100(one hundred naira) daily i will make 100,000 a day but the challenge is that i don’t have capital, i really need your help, she paused

A lot of business people often find themselves at crossroads of indecision on which way to drive their business and the subject of drafting a business plan only comes when they need a loan from the Bank, an investor or a prospective business partner.

Others oftentimes  seek professional help to draft a business plan but discard the business plan documents after they might have used the fine collection of words on paper and calculations given to them by a business development expert  to collect the capital they have been hunting for.  Then somewhere down the line of their business experience they to blame witchcraft activities for their failures in business, running from one prayer house to the other looking for a pastor to see visions as to the  reasons why their well thought out business idea has plunged into the sea of bankruptcy and failure.

i make bold to tell you that your business failure may not be spiritual if you had followed a strict business plan implementation. just the fine art of writing down a formal statement of business goals, reasons they are attainable,plans for reaching them, organization goals or how to set a team  to reach those goals. automatically makes the intention engrafted in your subconscious mind and if you dwell on its performance and brainstorm it will come to pass even if you make  a few mistakes here and there

A written business plan: forces you to think realistically, objectively and unemotionally about your business. It will lead you to question all past and future assumptions.

i have highlighted 10 good reasons why you should consider having one

  1. You’ll stay on strategy. It’s hard to stick to strategy through the daily routine and interruptions. Using a business plan to summarize the main points of your strategy and as a reminder of what it both includes and rules out will help your chances of attaining this goals a reality.
  2. Business objectives will be clear. Using  your  business plan to define and manage specific measurable objectives like web visitors, sales, margins or new product launches. Define success in objective terms and help you track your progress.
  3. Your educated guesses will be better. Use your plan to refine your educated guesses about things like potential market, sales, costs of sales, sales drivers, lead processing and business processes.
  4. Priorities will make more sense. Aside from the strategy, there are also priorities for other factors of your business like growth, management and financial health. Use your plan to set a foundation for these, then to revise as the business evolves.
  5. You’ll understand interdependencies. Use a plan to keep track of what needs to happen and in what order. For example, if you have to time a product release to match a testing schedule or marketing to match a release, your business plan can be invaluable in keeping you organized and on track.
  6. Milestones will keep you on track. Use a business plan to keep track of dates and deadlines in one place. This is valuable even for the one-person business and vital for teams.
  7. You’ll be better at delegating. The business plan is an ideal place to clarify who is responsible for what. Every important task should have one person in charge. Your plan keeps track.
  8. Managing team members and tracking results will be easy. So many people acknowledge the need for regular team member reviews and just as many admit they hate the reviews. The plan is a great format for getting things in writing and following up on the difference between expectations and results with course corrections.
  9. You can better plan and manage cash flow. No business can afford to mismanage cash. And simple profits are rarely the same as cash. A cash flow plan is a great way to tie together educated guesses on sales, costs, expenses, assets you need to buy and debts you have to pay.
  10. Course corrections will keep your business from flopping. Having a business plan gives you a way to be proactive — not reactive — about business. Don’t wait for things to happen. Plan them. Follow up by tracking the results and making course corrections. It’s a myth that a business plan is supposed to predict the future. Instead, it sets expectations and establishes assumptions so you can manage the future with course corrections.

You don’t need a big formal business plan to reap these benefits. Instead, think of your business plan as a collection of lists, bullet points and tables.

don’t make the mistakes of other, do well to get a business plan, it doesn’t have to be complicated. get one for yourself. if you you need assistance and guides talk to me now

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