17 Mar IS A BUSINESS PLAN A WASTE OF TIME?
Is a Business Plan :-
A document that gets shoved into the bottom of a drawer only to collect dust and never be looked at again?
A document that is only beneficial or necessary when you are seeking financing for your business?
Or, is a business plan a very important document that helps align you and your team on the right page, moving together towards the business goals?
I am sure you have guessed that I believe a Business Plan is a very important document, and guides your business decisions leading to your success.
So WHY is a business plan Important?
- A Business Plan can be thought of as the ROADMAP for your business success;
- It is a guide for how you START, GROW & DEVELOP your business in the most effective way;
- It is the NORTH STAR that aligns you and your team towards achieving your business goals; and
- It is a document that can assist you in obtaining funding to help with business growth.
The famous Benjamin Franklin quote says it best,
“If you FAIL to PLAN, you are planning to FAIL.”
People spend hours planning their holidays, their weekly meals and the clothes they will wear, however they neglect to plan one of the most important aspects of their lives, their BUSINESS SUCCESS.
Many business owners start out in business, get busy doing and never actually take the time to:
- Plan how they want their business to develop,
- The profit they want to make,
- The ideal clients they want to work with and how they will attract them, or
- Exactly what they want to sell and how they are going to sell it.
They get started and the business evolves as they go along, often a miracle that it survives past the first 3 years (maybe one of the reasons so many small businesses do fail in the first 3 years).
Imagine if you spent the same amount of time planning your business, focusing on exactly what you wanted to achieve and how you wanted to achieve it.
So really, what is the importance of creating your Business Plan?
It is a document that is used daily in your business to guide you and your team to success, in the most efficient and effective manner.
Send me a message, I’d love to hear your thoughts about Business Plans, are they important to you? Do you have one for your business? Do you use it?
Dream big and create the life you want to live!
Hi, I’m Phoebe. and I love business! As a sought-after qualified accountant, I come from a place of experience, with over 15 years of running my own accountancy firm, MGA Accountants, I scaled the business to double the size before successfully selling in 2015. Now I am focusing on what I love, helping Professional and Trade service business owners step up from being the Technician to the true CEO of their business, to create more profit and time freedom to live the life of their dreams.