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Reasons to create a business plan

    • 26 posts
    March 20, 2012 7:20 PM EDT

    Good business plan is basic factors for successful business and you should also have proper knowledge about your business before starting.


     

     



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    • 51 posts
    January 20, 2013 10:58 PM EST

    That's a really great post. Business analytics is also a very important structure of any strategy and planning. It helps predict future scenarios and plan the course of action accordingly.

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    • 68 posts
    April 18, 2012 5:36 AM EDT

    Laurie hits it on the head - most angels don't even need a business plan anymore - a kick butt pitch deck is much more relevant for closing investors BUT business plans are critical for the founder to understand and anticipate the challenges.  So a BP is a great strategic document for internal use and is no longer as relevant for engaging investors.

    Any questions just ask.

    Andrew

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    • 2 posts
    February 22, 2012 12:26 AM EST

    Having your accountant create a business plan to suit your new business idea can be a wondrous thing. It can also be a total disaster. There are many elements which should be weighed in making your decision. However the most important one is - what is the premise for your business and where does accounting fit into that. If you are starting your own CPA, actuarial or business consulting firm, then your accountant probably has loads of knowledge about what is required to make such a business 'tick'. But if you are opening a bakery / co-operative, your accountant may only be qualified to tell a fraction of your story.

    An accountant can have great and valuable input on a business plan without creating it in its entirety as well. Take a stab at a business plan on your own. Since it is your business, you'll want to convey your enthusiasm and vision in the parts of the plan you can be passionate about. And the rest of the plan data, such as operating costs and fiscal forecasts can be left to the devices of your accountant. They will most likely charge you by the hour for these services and should be able to give you an estimate before you commit.

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    • 1 posts
    February 15, 2013 5:04 AM EST

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    Hello everyone.

     

    I agree that constructing a good business plan is a key part ot business success. But many entrepreneurs do not know how to ask the right questions that will help them design their plan for the long term. The marketing plan alone can seem an overwhelming proposition.

     

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    • 6 posts
    March 27, 2012 8:03 AM EDT

    As a fellow business adviser I agree to a certain extent - businesses can certainly run very successfully without even thinking about a Business Plan.

    However to my mind the actual process of compiling the Plan is one of the major, often overlooked, positive elements. Perhaps that is the "Time Capsule" element you talk about.

    I encourage all clients to have a regular "Time Out" that is solely focused on business planning and more strategic thinking, the form this takes varies greatly depending on business. It is all too easy to get bogged down in day to day operations and take a crucial wrong turn and take your eye of the ball

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    • 1 posts
    March 13, 2012 11:41 PM EDT



     

    Hello

     

     

     

    I read a post on startupnation that looked at defining questions that can help you formulate your business plan and found them really useful.

     

    I quoted them in my post on how important it is to create a business plan and how it can save you money in my posterous post on Tips for saving money before you launch your business  which not only provides a structural guide for things to do before you launch your business but ways it can save you money. The business plan is detailed as crucial for this and looks at the questions in the article mentioned.

     

    Looking forward to hearing more reasons for doing a business plan as I intend to do a follow up post.

     

    Cheers!



    • 40 posts
    February 9, 2012 11:50 PM EST

    If you really want to make money, then business planning is the most important step to take. A good business plan will actually teach you how to be profitable and will help you to be successful over the long run.

     

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    • 2 posts
    February 14, 2013 7:10 PM EST

    Very helpful tips! Business plan is basically a roadmap for success. The business plan helps to lay out the long-term milestones essential for the success of any kind of business. Researching on business plan help us to find the measure threat and strength of the industry and accordingly forecast our strategy.

    • 2 posts
    April 24, 2012 2:28 AM EDT

    Absolutely, making a plan is a prime step for proceeding any business. Without describing and understanding your desired specific goal you shouldn't run your business.

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    • 8 posts
    March 9, 2012 12:36 AM EST

    A well-thought business plan is an essential must-do for startup ventures. ... Most of them focus on what to do, but many times the best lessons are learned
    There are several reasons to create a business plan, below are just a few of these reasons:
    1. To map out the feasibility of your business.
    2. To present to potential financial backers when you are looking for funding.
    3. To get a good idea of what kind of costs you can expect in the start-up phase and how long it will take to break-even on those costs.
    4. To do a mock-run of your business on paper
    Creating a business plan can be one of the most eye-opening times for you as an entrepreneur. Many of you will find that this stage is fun and easy, while others will find this stage hard and painful. Regardless of which group you fall into, this is a necessary stage for most businesses

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    • 9 posts
    February 23, 2012 11:34 PM EST
    • 63 posts
    March 25, 2012 12:07 PM EDT

    KatieBolus I'm not sure I understand what you are saying is rubbish. I agree that business plan software (canned business plan templates) should not be used if you intend to use your business plan to request funding from banks and other investors.

    It is important to have a custom business plan that follows the preferred SBA format. Business owners want to appear professional when presenting their formal business plan. Showing up with an obvious cut and paste or fill in the blanks template will not help your cause.

    If you cannot write your own business plan then you may need to invest a little of your start up capital on a professionally written business plan. You don't need to spend thousands of dollars if you are a small "mom and pop" type business. Don't fall for the business plan writing websites that charge $2000 for a basic business plan. Shop around.

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    • 17 posts
    March 8, 2012 10:30 PM EST

    Business Planning is very important part of business planning... when ever you start the business  hen your first step is  business planning...

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    • 28 posts
    March 1, 2012 2:08 AM EST

    Good one. I think Its the best the business plan add with hard work and dedication.

     

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    • 28 posts
    February 14, 2012 9:53 PM EST

    If you had this information before you started writing your last business plan how much easier would it have been?  If you know “what” you’re doing and “why” you’re doing it, writing the plan is easy.  Writing the plan is nothing more than defining how, when, and where you plan to achieve your vision, and who will be responsible for each action. - Self Esteem Tips

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    • 9 posts
    April 17, 2012 11:56 PM EDT

    Plan is very important fact in the every business trade, you always need a future aspects of your trade.

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    • 5 posts
    February 10, 2012 9:15 AM EST

    A lot of people ask me if they should write a business plan even if they're not seeking funding. I always tell them yes because the process of writing the plan is as valuable as the plan itself. Writing it out forces you to do the research, define the processes, and project costs and revenue.

    I recently had what I thought was a very good business idea. I spent one hour creating a financial model to predict how much I would need to charge for the service based on anticipated expenses. Turns out, I would have to charge far more than people would be willing to pay for the service and the startup costs would be 5 times what I originally thought they would be. That one hour of planning saved me a lot of money and countless hours. 

    Planning is absolutely critical to your success. It may be difficult and time consuming, but that far outweighs the potentially damaging effects of not thinking things through. 

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    • 5 posts
    March 14, 2012 7:40 PM EDT

    I disagree - while I think spending money on some crap some business plan software is rubbish, an idea on what you intend to do and who to do it, and how to get out is useful. More important is cashflow analysis and projections, and start-up costs.

    Besides, no-one will lend you money without one.

    It takes about an hour to write the "plan", the financials a little longer depending on complexity. It doesn't take much and adds loads of value, especaily for a first timer

     

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    • 4 posts
    March 26, 2012 3:09 PM EDT

    As for me, startup with Electronics would be fine or bad? I don't know that, I just do and keep on my mind here, however, some days passed, and I really get nothing enough, how should we evaluate our selection for the business type?

     

     

     

     

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    • 22 posts
    April 18, 2012 5:26 AM EDT

    Many good points here.  I can honestly say that if I  had written a full business plan before I started 4 and a half years ago, I might have done a lot differently.  I have written so many business plans for clients, but of course, we never follow our own advice, do we?  Sometimes it's too easy to get bogged down in trying to move the business forward, that we forget to step back and do the critical planning.  I finally got it together, put together a business plan, and have now focused my business.  Guess what?  It's growing more than it ever has before! 

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    • 22 posts
    February 15, 2013 2:55 AM EST

    I agree with a lot of what has been said. I will add one thing from my own experience. Do assume it will take you longer to be successful than you think. I have started two different types of businesses now, and I can tell you that the learning curve is a big factor. This is especially true if you are a sole proprietor or single operator with no staff. It will take a long time to get your business up and running, and performing well, so plan ahead for a realistic time line to achieve your goals.

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    • 344 posts
    February 7, 2012 8:51 PM EST

    Here are a few of the important reasons to create a business plan:

    • Assist in Financing

    Potential investors are going to want to know many details about the company they are being asked to invest their money in. A well-rounded and fleshed out business plan provides a living document that gives information to potential financial backers and/or investors to help them make an educated decision about their investments. No one is going to want to invest in a project that offers no details or is lacking a plan. Too risky!

    • Offer Clear Business Objectives

    One of the best ways to determine whether or not a business concept will be realistic is to flesh out the realistic details and use the plan as a learning tool. This includes marketing, operational management and financials which are all necessary components of starting a business.

    A business plan that sets clear objectives will save money in the long run because it helps identify any obvious or potential problems and puts a realistic spin on the business idea. Ideas are great, but the resources and feasibility must be considered as well.

    • Identify Strengths and Weaknesses

    The business plan can also help entrepreneurs with identifying strengths and weaknesses. Strengths can then be emphasized and weaknesses mitigated with alternative ideas to help lessen those effects.

    The plan should contain correct details about the business and provide detailed projections and how these connect with financing. A good SWOT analysis can help with this aspect of planning a business and identifying strengths and weaknesses.

    • Focus

    Focus is important in both the implementation/planning of a business and day to day activities once the company is open for business. Having a solid plan to refer to helps keep good focus in order to keep moving forward towards obtaining a healthy level of profitability.

    • Set Goals and Benchmarks

    In the plan, business upstarts can set their goals and benchmarks and as they work through the research, marketing, demographics, operational

    costs and overall expenses, figure out if the plan is feasible.

    Without actually doing the business plan, many of these items may be overlooked and over or under estimated. The company can analyze what they've got, what they need and then make educated decisions on what is feasible. Afterwards realistic goals and benchmarks can be set if the first set isn't possible.

    costs and overall expenses, figure out if the plan is feasible.

    Without actually doing the business plan, many of these items may be overlooked and over or under estimated. The company can analyze what they've got, what they need and then make educated decisions on what is feasible. Afterwards realistic goals and benchmarks can be set if the first set isn't possible.

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    • 39 posts
    March 4, 2012 7:01 PM EST

    Nice post, I found some parts of it very encouraging and motivational. I feel like starting with a good business plan is the best way to ensure that you have solid hold on things.

     

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    • 5 posts
    March 10, 2012 5:59 PM EST

    The primary reason of writing a business plan is to create a written outline to evaluate all aspects of the economic viability of your business venture including a description and analysis of your business prospects.Keep in mind that creating a business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business.

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