5 Reasons You Need a Plan for Your Business
May 04, 2017 01:52PM
By Melanie Heisinger
Why should you have a business plan? Well, I’m glad you
asked! Here are 5 great reasons why your business needs a plan.
1. To define success
The planning process helps you get very clear about what success will look like for your business. If you don’t know the target, how can you hit it?
assess your market
Proper planning helps you validate both the size and makeup of the market. Are there enough customers who want what you offer? What do they look like and where are they? What is your competition is like, and can you compete effectively?
discover what it will take
A good plan helps you ‘count the cost’, so you know what you are getting into.
What will it cost, in time, effort resources, to attract your ideal customers? What will you need to learn? How much money will you need to invest? Can you get there from here?
4. To identify ways you will achieve
Planning helps you uncover the strategies that will generate the results you seek. What methods will be used to get your message to the right market? What marketing tools will you use? What kind of skills do you need on your staff? What partners will you work with to increase your odds for success?
5. To avoid mistakes
Too many businesses fail in the early years. Many mistakes are probably preventable, if you take the time to learn from those who have ‘been there, done that’ and lived to tell the tale. Mistakes will be made, no question about it, but a good plan will help minimize the most common mistakes, and potentially uncover and correct others before they happen!
Writing an effective business plan has many benefits, whether your business is just starting out or in the third generation. Take advantage of what the planning process can do for the future of your business.
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