WHY YOU NEED A BUSINESS PLAN
No matter where your are in your entrepreneurship journey, if you are thinking about starting your own business then you should have a business plan before anything else. A business plan is a key representation of your business and a great tool for when you’re creating a market strategy or looking for investors. Below are the most important reasons why I think you should have a business plan.
IDENTIFYING YOUR COMPANY’S STRENGTHS & WEAKNESSES
When you know what you can and can’t do; you will save more time to focus on what needs the most work. In the long run, you’re building your weakness as your business continues to grow and develop.
IDENTIFYING PLANS AND COMPANY GOALS
Creating a plan allows you to map out your company’s mission, goals and future plans.Getting detailed about what you have planned for the business is essential. When trying to connect with other investors, they want to know who your are, what your brand stands for, what your plans are, and why should they be investing in your company.
RAISING MONEY & COMMUNICATING FINANCIAL & PLANS WITH INVESTORS / STAKEHOLDERS
If you want anyone to invest in your company or brand, you better believe they want to see your business plan. Whether you’re a big corporation or small mom & pop shop ; hell even if you just have an idea and are looking to start a business in the future, a business plan is the first thing you should be working on. Investors want to know; what you have planned, why is your product worth investing in, is it developed already, do you need a long term investment or a short term? Who is your target market, audience, demographics? These type of question are what your business plan should tell anyone looking to invest or take interest in your company.
Like I stated earlier, knowing your strengths and weaknesses is a essential to saving time and money and with that also comes being helpful with making decision both financially and on a day to day basis. Knowing your weaknesses allows you implement the right financial, operational and market strategies in your next business move. Knowing what services or products that are most popular tells you to keep the development process of this product going and always be looking for ways to update or improve its current model. Ultimately by knowing where you stand in the market, you can make the most beneficial decisions to help you grow your business and keep it sustainable, whether you have weaknesses or not.
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