Business Plan? Is it actually important?
Posted on June 06, 2022 by Lana Sheppard, One of Thousands of Business Coaches on Noomii.
How many times have you heard "You don't really need a business plan"? Is a Business Plan actually important?
How many times have you heard someone say, “you don’t actually need a business plan”?
I’m willing to bet that you even know a few companies who started without a business plan of their own, and they seem to be doing okay.
But I have a question for you: would you trust a builder to construct your home without first drafting a blueprint? Wouldn’t you insist that your builder follow a concrete, well-thought-out plan to create something so valuable and vulnerable?A business plan is a vital and dynamic blueprint for your business.
A business plan outlines your business’s direction, how it will get there, and the projected results. A business plan changes over time to reflect changing markets, objectives, and your business’s financial capacity.
Among other things, a business plan enables you to:
Write a concise description of the company’s mission, vision, values, goals, and objectives;
Test the feasibility of a business idea;
Analyze target markets and competitors;
Identify potential opportunities;
Create a sound budget; and
Secure financing
Most importantly, a business plan requires you to sit down and figure out who your company is really about, what it actually does, and why it does it. By determining these fine details, you can start to look at your target market, create strategies that reach your dream customers, and start making money.
Everything we do that lasts must start with a great foundation. We must create the vision of what we want to accomplish, then seek the knowledge and understanding to make it happen.
What is your business model?
How will you design your model for the successful operation of your business, and identify revenue sources, customer base, products, and details of financing?
