Is it mandatory to need a business plan.

[TOZZIBLINKZ]

By definition a business plan is considered to be a resume of a particular business organisation or company that clearly states how the business handles matters possibly in areas of beneficiaries and other matters that affect the business organisation . For example the business plan clearly state how the business should facilitate and run during times of increase cost of production . The business plan also States the goals and objectives of the business . And if this is what business plan contains then I will say yes it is absolutely mandatory that every business have a business plan . A business plan could be likened to an anchor , anchored to a boat . The main function and benefits of the anchor to the boat is to keep it in motion so that it cannot find it way to the middle of the sea possibly when blown by wind .

Same is also applicable to that of a business a business plan is like an anchor but in this case it helps to keep the business in the right direction so that the business can not shift from it purpose but rather stick to achieving its expected goals and objectives . Once more , it is 100% advisable that a business first of all has a business plan and every business owner must see that his business plans are actually accurate and reasonable not some sort of unreasonable , unwholesome , and unthinkable business plan .

 

[CALVINDOL]

Business planning is actually the lifeblood in which a business exist a business without plan is absolutely dumb for failure and just as often said if you fail to plan then you have planned to fail . In order to avoid business failure you must have a business plan and the business plan just like you already mentioned is actually a resume of the business containing the business goals and objectives and also containing how the business will react possibly in the face of challenges and trials that are inevitable or a evitable whatever the case may be . A business plan should be established by a business owner himself he has the sole authority to write his business plan he should not issue out his business plan to another person to write for him rather he must understand that he is the one to write the business plan and also the one to master the business plan so as to make it applicable when needed .

A business that does not exist without a plan is absolutely doomed for failure . High cost of production is absolutely one problem that is totally inevitable in business and to be able to run your business despite an increased cost of production you must have a business plan to guide you in your course and quest .

 

[Holicent]

Of course you need a business plan. If you are starting a new business, you need a road map to direct you and help you answer some future questions. Business plan should answer questions like:

What kind of product is it? Is the product revolutionary? Does it have the potential to make money and be sold easily? How much money do you need to invest, and how much will you get back if the company does well?

How much money do you need to invest, and how much will you get back if the company does not do well? What's the timeline for when you'll see returns? Are they realistic projections, or is this an impossible dream?

Is there a market for your product or service, or are you just trying to create one from scratch with no guarantee of success anytime soon? Be sincere to yourself, you might not have answers to all these questions by yourself or as soon as you start, but you should have at least sincere answers to 79% of it. You can do consultations too. Don't waste your money while you know you fully well is not worth it.

 

[Kendy]

Ultimately, no! It is in noway mandatory to have a business plan, this is because you cannot force anyone who decides to make a decision otherwise. On a personal level, I cannot operate a business without having a plan. Even on a monthly basis, I have cultivated the habit of writing down my needs so that it would help me to stick with my budget. With a business plan, you would be able to track your record to ensure whether it is positive or negative and proffer solutions as well. During the covid-19 pandemic, those who has no business plan were left in a state of dilemma and those who has a business plan yet failed to input a backup plan in case of unforeseen situations were also left in a state of confusion. If a business plan is faulty, it is as good as not having one.

A business plan is not the yardstick to decide your success or failure in a particular business venture and it is not mandatory but for me, it is very important. As humans, we might tend to forget some things but with the help of a business plan, it would keep some record which would be used as a reference point for an entrepreneur.