A business plan is a roadmap for your business success, and it consists of your mission, vision, values, services, policies, procedures, financial goals, strategies, business model plus more. A business plan is needed for every business, even if you will not use it to pitch to investors.
Your plan should be created before the launch of your business and should be reviewed and/or revised annually. Your business plan helps to identify and build out the uniqueness of your business. Essentially, it gives you a chance to develop your competitive edge.
While many modern entrepreneurs fall victim to launching a social media page for their business first, a business is not sustainable with just a social media account. Even if you launch your business on social media first and it takes off, you will still have to go back to the planning phase. You will also have a shaky business foundation and the sustainability of your business will be at stake. Therefore, creating your social media account is a part of your business plan but it is not the entire plan. You should not launch a business on any social media platforms without a business plan.You should not launch a business on any social media platforms without a business plan. Click To Tweet
Here at Priceless Planning, we believe that business plans are important for 3 reasons:
- Your business plan is a completed puzzle consisting of all the pieces needed for your business.
- Your business plan prevents you from wasting time on useless business strategies.
- Your business plan stops you from feeling overwhelmed and running your business in chaos.
To break this down even further, your business plan allows you to be organized with your daily tasks, highlights how you will manage your consumers and employees, lays out your internal operations, the systems you will use, how you will structure your business and your quarterly plans.
Having a business plan allows you to focus on the totality of your business. Ideally, this is what makes successful businesses and why you need a business plan.
Every successful business owner has a business plan. This is the secret behind successful business owners smoothly running their businesses. They created a plan and have implemented strategies, systems, and structure to execute the plan. They are not ‘winging’ it’ in their business and hoping to hit their financial goals, instead, they have a business plan. They are clear on:
- The systems which are needed to run their internal operations.
- They have developed structures within their business.
- They have quarterly plans with strategies to be implemented.
- They have retention programs in place for existing clients.
- They know what they are launching next week and to who.
The secret is that they have a business plan!
At this point, if you are still wondering if you need a business plan, then you are already off track. Having a business plan is guaranteed to enhance the sustainability of your business, so yes you need it. Inc Magazine explains that having a business plan is important “to develop a game plan, set priorities, establish goals, and measure performance. These are all things you’ll address during the business planning process.”
Having a business plan is a vital part of any business. It helps to navigate the ups and downs of being an entrepreneur. Do not get caught up in having just a sales plan or tons of followers/likes on social media. Instead, think of the entire plan and all the pieces of the puzzle that must come together.
The 5 parts of a business plan that we find important are:
- Foundational Development
- Strategic Planning
- Legal Plan
- Financial Plan
- Marketing Plan
Without a business plan, how will you know what actionable steps are needed to meet your goals? How will you know what systems will work best for your business? How will you establish your business policies and procedures? Without a business plan, how will your business survive?
A business without a plan is like a fish out of water. How long can it survive?