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Some endeavors will fail, tasks may need repeating, and priorities may need reorganizing.
Not every business needs to have a business plan, although, it is recommended that every business has a roadmap to guide its progression.
If you are a freelance writer who has a copywriting business that makes a little extra cash on the side, then you can probably skip that whole business-plan-writing debacle without suffering too much damage.
A business plan is an essential apparatus that requires business owners to conduct regular reviews of their business, where it needs improvement, and where more time and resources need allocating.
Accountability is broadened by requiring business owners to “check-in” on their operations on a daily, weekly, or monthly basis.
Here are some of them: There are several good reasons why you should strive to write a business plan, even if you think you do not need funding or you are not inclined to bring on more partners.
Some of these benefits include: Having a business plan in place is a surefire way to convince investors to align their interests – and funding – with your enterprise.Clearly articulated in the plan, cash and resources are handled, deposited, and invested by specific parties only.Additionally, inventory concerns, the purchasing of assets, and debt repayment responsibilities should be explicitly delegated to the appropriate company employee or officer to limit future problems and misunderstandings.With strategic alignment, the audience is precisely matched with your products and services, thus resulting in future goal-setting and business practices that specifically correlate with that paired relationship.Without articulating your business’s strategic alignment goals, the products and/or services you are selling may not be precisely marketed to your intended audience.Conversely, businesses without plans in place can often become overwhelmed by failures that occur within the business and may potentially fail due to the lack of provisions and safeguards put in place.With good planning comes clearly set expectations, results tracking, and goal-setting.Businesses that are keen to attract investors, especially from the formal corporate or financial sector, should absolutely learn how to write a business plan in its strictest fashion.The rest only need to start simple and grow it organically as the venture progresses.When you think about it that way, you will quickly realize that every entrepreneur has a business plan in one form or another.The problem often comes when people start thinking of a business plan as a long, boring, academic-type document that can only be written and used by Ivy League graduates who truly understand corporate mumbo-jumbo.