What is a business plan and why you need one

[Ayuba Ernest]

A business plan is a document that outlines the goals and objectives of a company, and how it plans to achieve them. It also includes detailed financial information and forecasts. A business plan is essential for any company, whether it is just starting out or has been in operation for years.

A business plan is a living document that should be updated regularly as the company evolves and grows. It can be used as a tool to track progress and measure success.

Here two good reasons why you need a business plan.

1. A business plan is a roadmap for your business.

It outlines where you are starting from, where you want to go, and how you plan on getting there. This document can be used to help make important decisions, track your progress, and keep your business on track.

2. A business plan helps you get funding.

In order to secure money from investors or a bank, you will need to have a solid business plan in place. This document shows that you have done your homework, are knowledgeable about your industry, and have a plan for making your business a success.

Other reasons include;

* Define your business goals and objectives

* Identify your target market

* Develop a sales and marketing strategy

* Evaluate your competition

* Create a financial forecast

 

[CALVINDOL]

A business plan is considered to be a resume or a documents actually containing their business goals and objectives and also why the business is actually in existence and what the business is to achieve and accomplish possibly in a particular day and in a particular month or year . Also a business plan actually shows how a particular business should react possibly when it faces a particular business trial or challenges . A business plan is not something that should be created and overlooked by a business , rather it is something that should be stick to by all means , this is because when business endeavours to stick to the business plans there is every possibility that such a business will be successful but when business plans are not being stick to .

Every business whether in large-scale or small-scale absolutely need a business plan so as to guide its business practices and activities in the right and positive direction . Personally I would like an a business plan to an anchor used to anchor a boat , so as to keep it in one motion so that we could not blow it to somewhere else possibly into the middle of the sea .

 

[moneyteam]

A business plan is basically a roadmap for starting and running your business. It can help you raise funding, attract top talent, and make sure you're on the right track from a financial standpoint.

 

[Holicent]

Owning your own business is a great way to make money. But investing in one is a whole different ball game. If you're interested in investing in a startup, there are some things you should consider before making any moves. These are business plan and strategies, they help you 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 are going to waste it.

 

[Kendy]

It is such a pity that some people do not know the essence of having a business plan. I get perplexed when someone calls himself an entrepreneur, yet he does not have the crucial instrument as a business plan. Recently, I came across a business man who is doing well to a certain level and I got so curious to inquire about his business plan and the reality of the business. He was shocked and asked me why I think there is an essence of a plan when he has everything under control. Well, as someone who does not own a business, I did not want to go into any form of argument with him because he would laugh me off since I have no business to back my premise.

Actually, the benefit of a business plan cannot be under-emphasized, this is because, it serves a guide to the business owner, where he could get back to in order to draw a reference point. In other words, a business plan is like a tracker which keeps the records and ensures that the business is going in line with the vision and seeks to amend some ways that have not been rewarding to both the customers and business owner.