Benefits of Having a Business Plan
Entrepreneurs often ask, “Why do I need a business plan?” Well, let’s put it this way.
Do you want a successful business? Because, writing a well-thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur. Running or starting a business without a business plan is like walking through the dark without a flashlight. You can probably go a long way using just your senses and relying on basic instincts. But operating in such a manner leaves you wide open to the risk that something will get in your way (like a competitor) and you probably won’t see it until it is too late. And just imagine all of the opportunities that are just waiting to be grasped – but without a flashlight, ah sorry – business plan, how will you see and take advantage of them?
The benefits of having a business plan include:
- Helping you to clarify your vision and deciding whether or not to forge ahead with the idea.
- Determining if your product and/or service has a sufficient market to support it and whether or not it will be profitable.
- Providing an estimate of your start-up costs and how much you’ll need to invest or finance.
- Convincing investors and lenders to fund your business.
- Defining your target market (who your customers are or will be) and how to best reach them through strategic marketing actions or expanding market coverage or reach.
- Establishing or reevaluating your competitive position within the marketplace, by conducting a thorough analysis of the competition (finding out where your competitor’s weaknesses are and how you can take advantage of them).
- Defining corporate objectives and programs to achieve those objectives.
- Helping your business make money from the start by developing effective operational strategies.
- Understanding the risks involved and anticipating potential problems so you that can solve them before they become disasters.
- Setting a value on a business for sale or for legal purposes.
Was this info useful to you? Please reply to this post with feedback. We want to hear from you.
Want gain exposure and improve your writing skills?
Write for us. Please send (2) writing samples, links to your work, BIO and/or CV to email@example.com
Call: 888-371-4718 | Email: firstname.lastname@example.org | Web:www.applesandorangespr.com
We appreciate your support
Apples & Oranges Public Relations