writing a business plan notepad and pen

Why Writing A Business Plan Is Worth It!

writing a business plan notepad and penSo you’re not sure how important writing a Business Plan is? Everyone has to start somewhere, and it’s always to good to plan ahead. Even if you’re still in the concept or ideas stage for your business, it’s worth getting things down on paper as soon as possible.

Are you thinking about approaching a Bank or maybe an Investor for finance to support your business? Do you want to contact potential new clients with your Business Model? If you haven’t already gone to see the them then you may not know that the first thing they will ask you for is your Business Plan or Business Model. They want to know how they are going to benefit from your business and whether it’s a sound idea. I’m not talking a 500 page essay here; just some clear facts that will outline your proposal and show you are professional and you mean business from the start.

Maybe you’re still not convinced that all the time and effort needed in writing a business plan is essential; if so then here are 3 Reasons why  a business plan is important both for you and for your business.

Writing A Business Plan

1.Everything Needs Mapping Out

No matter how good your communication skills are, you will never be able to convey your ultimate goals and visions for your business as successfully as a well put together Business Plan. Writing your ideas, goals and Business Missions will give a clear overview of what you want to achieve. Your audience will get a firmer understanding when your ideas are presented in a concise manner. Investors don’t want to be sold to verbally alone. They need a summary of firm facts and statements presented to them in a logical order. Clients want to feel confident in your product or service, so knowing your business inside out will really help you shine!

2. Aspects of your Business Plan will help show potential investors or clients your Business model is viable.

By researching the potentials of your product, service or concept, you will answer the most common questions required to make the decision of whether your business plan is viable plan or not. If you are prepared, you will answer questions with ease. Clearly answering questions will show potential clients or investors you know where the business is going, your ideas are viable and you’re ready for action!

3. Someone who plans ahead comes across as being more ambitious and more focused.

Really knowing where you are going from the outset will set you miles apart from most people trying to set up a business. You will be more assertive about your business, well prepared and you will naturally seem more professional when presenting to clients, investors, Bank managers. This confidence will result in a surge of positive reactions and can really seal the deals!

 Summary

If you’re wondering whether it’s all worth it, take a look at how the most successful companies and entrepreneurs are planning for their business. Allowing for different aspects of your business and really mapping out the functionality of all potential ideas and concepts that you are going to involve will really help set you apart from your competition and give you a strong leading edge over businesses in the same Niche.

Read some other articles here on the blog for more help writing a business plan.

Written by Caroline Baxter
Caroline Baxter is a serial Entrepreneur, Business Start Up Coach, and recent bestselling author on Amazon. Having started her first business aged 24, she now has multiple businesses in property, the motor trade and online and offline business consultancy. Caroline is now starting a series of live training events to support entrepreneurs looking to plan launch and grow their business