The Business Plan is a useful and versatile tool. It is a guide that can also be described as the businessman’s best friend. In today’s global and highly competitive business environment, enterprises, whether large or small, cannot hope to compete and grow without proper planning.
Why do you need a Business Plan?
You may need a Business Plan for a number of reasons. Here are the most important:
- If you are starting a new project or venture
- If you are looking for a business partner
- If you require finance, government or EU grants and incentives
- To manage your business better
- To measure actual performance compared to what was planned
What can a Business Plan do for you?
A good Business Plan can be useful to you in a number of ways. It can:
- Help highlight aspects of the business that need special consideration
- Help identify your core competencies (what you can do best) and internal weaknesses
- Help identify external weaknesses and threats to the business
- Be aware of new opportunities that may arise
- Help you understand your competitors
- Help you plan your operational setup better
- Help you use your financial resources more efficiently and ultimately more profitably
- Assist your management capabilities in relation to specific tasks and functions as well as bring awareness to human resources and capacity needs
Remember, nobody knows your business as well as you do. Knowing what you are capable of, and where you want to be in the future, is the essence of a good Business Plan. With these two points in mind, all you need to do is develop the right strategies to achieve your goals.
Business Planning Guidelines