Entrepreneurs often consider a business plan to be an afterthought. After days, months, or years of running through an idea in their head and talking about it to friends and partners, they may feel ready to hit the ground running as soon as they land a check from an investor or bank. For these individuals, the process of writing a long, detailed business plan to document what they feel they know intuitively can seem a huge chore.
However, the process of an entrepreneur writing out the business plan can be an opportunity to double-check if the idea will stand up to grater scrutiny, better develop the idea, and gain valuable insight into the industry and competitors. A business plan should not only enable the entrepreneur to find funders, but better position the entrepreneur to manage and grow the company in the years to come.
If you have not undergone a formal feasibility study, creating the business plan will act as one. Writing it should provide you with the understanding of whether your idea is spot on, needs work, or should be thrown out entirely.
By calling for detailed research into the industry, customers, and competitors, the business plan forces entrepreneurs to look at the opportunity more closely. You will learn if the market is really as big as you suspected, whether you'll be able to create competitive advantage in light of the strengths and weaknesses of your key competitors, and how to better segment your customer market to sell to specific groups based on their needs and values.
Furthermore, the business plan will show you the cash needs of your company. As lack of adequate funding is cited as the number one reason why small businesses fail, knowing not only what your startup costs will be, but what kind of cash reserves are required to launch is extremely important to set your business apart from the pack. Creating a cash flow statement is the best way to learn how much cash the company will need to get off the ground and running on its own.
Finally, creating a business plan offers an opportunity to revisit your strategy and fill in holes as needed. The research mentioned before should all contribute to creating a better marketing strategy. Understanding the industry and competitors should teach you how to improve the operations strategy by using the best practices of other businesses. Studying what skills are required to run the business will show you holes in the management team you will need to fill with your hiring plan and strategy. The process of writing the business plan will force you to answer the difficult questions which funders will ask while you still have a chance to think up better answers.
Finish Your Plan Today With Our Business Plan Template!
If you want to create your own business plan quickly and easily, we now offer a simple business plan template
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Visit this link to learn more: http://www.growthink.com/products/business-plan-template
OR, We Can Develop Your Plan For You
Our professional business plan
consultants can create your entire business plan for you. We will make sure
your business plan is sound and ready for investors so you can continue to focus
on running your business.
To speak with a Growthink business plan consultant, call 800-506-
5728 or complete the form below.
Thank you very much for all of your hard work. We are very pleased with the final result of
the business plan and the PowerPoint - say congratulations on a job well done and that you can
use us a reference for any future clients. We will definitely look to utilize Growthink's
services in the future as we build our company.
Without Growthink’s professional help, we would never have been able to create an effective
business plan. Growthink not only did deep research on our business environment, but its
representatives also listened to us and refined their analysis to include what we had found
out through experience. We would recommend Growthink to any start-up business which does not
have a professional business plan developer on staff!
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