This section provides generic information only and should not be construed as advice
Five reasons you should have a business plan25/04/2019
If you are looking for a business loan or hoping to get investment in your business then you probably already have a business plan. But there are many other good reasons for your business to have a plan. Here are five of them:
It will give your business direction
Without a longer-term plan, it is easy to focus too much on the short term and loose sight of where you want to be. A clearly stated vision for where you want to be in, say, five year’s time, strategies for getting there and key milestones you need to meet on the way will help to keep you on track, make consistent decisions and increase your chances of getting where you want to be.
It will help you to understand your customers and your market
Why do your customers buy what they do? What they love about your product or service and what they hate? What do they want to see from you in a few years’ time? What do your competitors have that you don’t? A thorough understanding of customers and your market is essential for a successful business plan and a successful business.
It will help you decide whether you need new assets, how many, and whether to buy or lease them.
Use your business plan to help decide what's going to happen in the long term, which should be an important input to the classic make vs. buy. How long will this important purchase last in your plan?
It will help you to attract and develop your employees
Being able to clearly explain what your business is about and where it is going is a great way to attract staff. A longer-term plan helps to focus employee objectives and training needs and to make sure that your teams are ready for your future business.
It will keep you on track during emotional times
When you’re busy and your business is growing it is easy to feel overwhelmed by doubt or exhaustion or get carried away with excitement and enthusiasm. Having a business plan helps to keep your emotional response in check allowing you to take a step back and taken an objective look at what you are trying to achieve and why.
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