Updated on January 21, 2016
Top 10 Ways Creating a Business Plan Helps Businesses Stay on the Path to Success
We all know a business plan is essential for the funding and growth of a company. But how does creating a business plan help us keep our businesses on the path to success?
- Creating a business plan gives us a place to start: Coming up with a dream business may not be so difficult for entrepreneurs, but knowing what steps should be taken first isn’t always clear. Business plans provide a clear pathway and checklist to keep us on the right track.
- Creating a business plan helps us avoid potential pitfalls: When you consider what challenges and obstacles may lay ahead, you’re better prepared to tackle them as they come up.
- Business plans help us get back on our feet when we do fall: Detailing your resources and strengths will help you quickly assess and address any problems that do arise.
- Creating a business plan helps us to sleep better at night: We all know that sleep is essential for our health and a clear mind, but it’s impossible to sleep well when there’s so much on our plates. Having a concise plan enables us to know what skill sets we need to hire for, who we can delegate important tasks to, and what milestones we should be hitting, taking some of the anxiety out of our lives and keeping us on track.
- Business plans keep us out of the mundane: Determining what makes your business unique helps to lay out an interesting marketing and communications plan.
- Business plans help us to surround ourselves with successful people: Growing a business enables us to provide jobs to others who are determined to see the success of our efforts, and in turn, spread the word to their networks, continuously growing our reach.
- Business plans help to ensure cash flow: Without a plan for how we can get paid, or how much we need to get paid, there’s no way to succeed.
- Business plans keep us on track with major achievements: Are there contracts that are crucial to be in place, patents you must acquire, or partnerships that need to be in place for you to move forward? A business plan will help you detail and stay on top of these essentials.
- Creating a business plan helps to keep us grounded: Many entrepreneurs can find themselves disconnected from their roots. A business plan helps to ensure you develop a mission statement, vision, and core values – providing you, and any staff you bring on board, a consistent reminder of why you’re in business, and aid in handling all challenges and communications moving forward.
- And last, but not least… Winston Churchill said it best: “He who fails to plan, plans to fail.”