Claudine Augustine September 7, 2020 Business Plan
Quite often, the thought on the mind of most business owners or investors is failure. The only way to overcome this failure is to address the common reasons why businesses fail up front. Presently, the world is facing though economic challenges, global economic meltdown, high cost of commodities, high rate of foreclosure and difficulties in obtaining credit from banks, stiff competition, complicated tax laws and high operational costs, etc.. All these challenges faced by businesses today, even make it more challenging for start-up businesses to survive. In today’s world, both small and large-scale businesses have come to realize the need to evaluate their business potentials and formulate strategies for the future.
In many cases business plans are very important but so much of the time it’s a plan to try to convince someone else that you know what you are doing with your business like banks, investors, partners, etc. Now it’s true that a well written business plan can also be a major benefit to your success as well if done right. It can guide you and keep you on track and can be the vehicle to get you were you want to be especially with so many outside forces now days that bombard you. A plan can be extremely important to your success especially when you look at the statistics that says 51% of small businesses fail sometime during their first 5 years.
Writing a plan is the first stage of business planning. As the name suggests, a business plan is a roadmap for the direction of your company. While many owners fail to write such a plan, it is an essential step in the growth of your company. It helps you to forecast and problems that may develop in the course of business. Think of it as a contingency plan. If you are planning to apply for commercial real estate or bank loans, you will need to demonstrate proper planning for your business.
With regard to the aims, you should set these out in bullet point form and alongside these, list sound, realistic ways of achieving them. It’s also worth noting any potential problems that may come your way, and producing effective solutions to combat these. Not only will you be prepared for these problems, the vendor or bank manager will see that you can deal with any pitfalls.
Remember that each section in your business plan will overlap. This means that you may cover information more than once as you move from section to section. This is okay. Your business plan may be considered as a whole or may be viewed as individual sections. This means that each section must include all key information. Don’t neglect including important information simply because you feel it has been covered in other sections.
On average, a good business plan will be about 15 to 20 pages. Keep it concise but detailed. A good business plan will pay dividends both in the short and long terms. An investor and/or bank manager will see this and if the plan holds up well, then this will bring you the business that you seek. And from a personal point of view, a great business plan is something that you can return to time and again as a good reference point – something that you can draw upon in the future.
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