5 Remarkable Benefits to Having a Business Plan
Have you ever started out on a road trip across town to suddenly realize that you have no idea where you’re going? It happened to me the other day. I was all set to go to a networking luncheon when halfway there I realized I couldn’t remember the cross streets. So I spent a good half hour meandering through the city before I found my destination. I could have avoided all this turmoil if I had mapped out my destination ahead of time.
Running your business without a Business Plan is much like the above example. I often see entrepreneurs working day to day doing the “busy work” of the business without working on the bigger picture and actions that will grow their business. This lack of focus on the future can be one of the biggest mistakes business owners make.
In this article we will look at 5 remarkable benefits to having a Business Plan. How having Direction, Motivation, Creativity, a Cohesive Strategy, and getting Results can help you can create amazing success in your business.
Benefit #1 – Direction – Business Plans provide a roadmap to success. A map shows you where to go and which street to take to get there. The research and brainstorming you will do when writing your Business Plan will help you figure out where to go and will give you a direction to take your business. For example, many businesses operate without goals. Imagine what it would be like to know what your goals are very day? How many new clients do you need? What products or services do you need to create? What sales level do you need to achieve to have a good quality of life? Knowing goals will give you the direction you currently lack.
Benefit #2 – Motivation – Business Plans create motivation. One of the first steps you should take when writing your Business Plan is to create a Vision of where you would like to be five to ten years in the future. Creating this Vision becomes motivational because it allows you to see the possibilities you can create for your business. For example, if you know that the grand scheme is to take your business international, you will be cognizant of the steps necessary to get there. You will focus on developing international relationships, learning the customs of other countries, and brushing up on the language.
Benefit #3 – Creativity – Business Plans written with a strong branding and marketing component help the entrepreneur think creatively. Without creativity, your company is just one of the many in your field. By using a creative approach you can design a business that sets itself apart in the marketplace with a distinctive look. All too often, I see bland, boring marketing messages presented in tacky ways. It’s time to stand out in the crowd by getting creative and a well-crafted Business Plan can help you do that.
Benefit #4 – Cohesive Strategy – Business Plans help the entrepreneur create a cohesive strategy that takes into account all the parts of the business and how they relate to each other. Looking at the business in this manner encourages elimination of parts of the business that don’t relate to the greater vision. Strategies are all about building a company over time. If you plan to build your business through your existing clients, then strategies around deepening those relationships through various channels will be a cohesive strategy. A system for touching clients via phone calls, birthday cards, in person meetings, and asking for referrals, will move the company forward.
Benefit #5 - Results – Business Plans help the entrepreneur get the job done! By performing the necessary success actions delineated in the business plan, the entrepreneur stays on track. It’s easy to get lost in the day to day details. By reviewing the plan weekly, the business owner is reminded to schedule time to work on the newsletter, to continue with the blog posting, to seek out public speaking engagements, to work on passive revenue products. In short, focused action leads the entrepreneur to success.
©Copyright 2008- Suzanne Muusers - All Rights Reserved
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