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Five reasons you should have a business plan

25/04/2019

 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. 

QR Limited trading as QR Ventures
A17 Astra Office Suites, Astra Business Centre, Roman Way, Ribbleton, Preston, PR2 5AP

Registration Number: 04288323. Registered Address: A10 Astra Office Suites, Astra Business Centre, Roman Way, Ribbleton, Preston. PR2 AP. 

QR Ventures is a trading name of QR Limited which is Authorised and Regulated by the Financial Conduct Authority (FCA). The FCA regulates financial services in the UK and you can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register. Our Financial Services Register number is 809779.

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