Do You Think A Business Plan Drives The Successful Outcome In Every Business?

[Kendy]

Presently, I do not operate any business but prior to this time when I operated a poultry farm, I did not see the need of a business plan. However, I had a logbook, where I made the total analysis right from the purchase, sales, profits and losses. Having a business plan was out of the equation for me because the business was set on a small scale. The business crashed but even till now, I am unsure if this had to do with the negligence of not having a business plan to guide me.
Notably, a business plan reveals the structure of a potential business, the aims, objectives and goals, value, possible expansion, financial evaluation, location, marketing, investors and administration just to say the least. I agree, the essence of a business plan is enormous and it helps to put the business in track while it creates a frame to communicate their vision.


I am still a bit skeptical and I need your opinions or reviews on this matter. Do you think a business plan is the ultimate drive to a successful outcome. Most small scale businesses do not operate following a business plan and they still achieve great results while in some cases, some businesses with even a well mapped out business plan faces decline. What could be the bone of contention and how recommended should a business plan be to entrepreneurs in this 21st century.

 

[Rachael]

Either a small or large scale business, I think a business plan should be implemented. You have rightly said that a business plan guides the business owner in keeping the business in track. The importance of a business plan should not be taken for game. This plan would not only guide but it would also help the business owner to be conscious of all his actions and be strategic in his decision making skills. I do not think to a 100% that a business plan ultimately drives the success of a business and I stand on this premise because, I have businesses thrive so well without a business plan. I have seen two business owners who set up a provision/food item shop on a medium scale and at different locations and I can say it boldly that for the past thirteen years, they have both operated successfully even till this moment. No matter the number of entrepreneurs operating the same venture, they both top the charts when it comes to customer patronage and retention and they do not operate by using a business plan. In fact, so to say, I doubt they even know what a business plan is, and if they do, they do not see its essence.

 

[moonchild]

I personally think business plan is not important if you're not seeking for venture capital or investors in general, earlier this year I participated in writing a business plan for a startup and most of the figures they provided were not realistic.

You can use the time that you'll wait writing the business plan to read a book or execute an idea, nobody really cares about your business plan, what people care about are results, so you're better off focusing on that.

Ask anybody that you know that had written a business plan if they're still following it, you'll be surprised at the answers you'll get, starting a business is not linear, you can't predict, you set out to focus on a different niche and the market mind will change to other thing and you have to follow.

Business plans are not flexible they're rigid and they treat business like academics which you get what you put in without any much difference.

Some people also use the excuse of writing a business plan to delay execution of their idea, this is called action faking and a lot entrepreneurs engage in it.

I'll advise you to focus on your business and just forget about writing a business plan

 

[Kingsley]

There is popular saying that goes thus; that when we fail to plan we are actually planning to fail, for any one to succeed in life, one must make a conscious effort to carefully think things through and carefully strategizing, this is very essential for one to succeed in life. It is quite unfortunate that making people this days has actually taken out the aspect of planning in what they are trying to do or achieve. Most people do not set goals and objectives for themselves.


They wake up one morning and the next thing they do is look for all possible means of making money. And this is definitely not the best approach or strategy in ensuring success in business. Business is something that requires careful observations, consultations and research to ensure you are getting a first hand information that will guarantee your success in business.


In fact I have seen situations where people actually got findings in their business all because they were able to get a well planned business plan. Having a well planned business plan can actually guarantee your success in getting loans from banks aswel, as even the banks are looking what they can invest in that will boost their revenue.