Must Read! 5 Importance Of A Business Plan

In the beginning, I thought it was not a needed component of a good business; even though I have known at least some bit about it; only to
get into trouble in the course of running my  first business” said Josh Doye .

Business plan is certainly needed for a smooth running of a business, not even the talk of start-ups.

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Why some business ignoring the fact that they need a business plan for their business?

Big question and my answer to that is this;

Ignorance has played a better part of that business and I hope yours is not like that? even if it is, this post will give you some reasons why you need
to get a well written business plan for your  business.

It is most certain that you will be thinking, when really can one write a business plan?
please if this question bothers you, it is best  to know that your business needs a business plan for as long as it exist; since it will be needed to show forth the way to the future of
you business.,.m

This post will help you to see the importance of a business plan and how it can help your business thrive in the short and long term.

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Let explain the subject matter first before we move further.

What is a Business Plan?
Even as simple as this question is, i do not want you to take it for granted. A Business plan from my own understanding is ‘a step by step documentation of a business idea from the first stage to a foreseeable running of the business ‘.

If you certainly can get your business running on paper, which we commonly call a business
plan; then you will likely have a better chance and control of your business.

Now let's get to see the importance of having a business plan
for your business.

Importance of a Business Plan

1st. Direction : The number one important of business idea is vision. Vision can give you a picture
of your business in the sense of the
future, but a business plan will open
your mind to the direction of the vision for your business. The direction could end up like a well defined goal for your business which mostly comes from a documented business plan.

2nd. Confidence : A lot of tips has been written on confidence, But I am very sure that having a business plan will boost your confidence in your business.
Business challenges could lead to loss of confidence but a good business plan will keep you in shape.

3rd. Success : Success certainly comes to the one who stay put with the plan for the course. every business venture comes
with it own challenges; the first factor that will help you to overcome every form of business failure is a well written business plan.

4th. Access to Fund : One of the reason why I strongly believe that you should get a business plan is because of this point.
how can you get access to fund from an investor if you don’t have a good
picture of your business on paper. This is why you should have a well written plan; This will increase your convincing power to your potential investors.

5th. Sound Judgment : Business is all about making decision; but how can you make sound decision when you don’t have a picture of your business on paper? This is why you should write a business plan for your business.

If you most succeed in your business, then you must write a sound business plan and ensure
you stick to the plan (but let your plan be a flexible one).

Now let's hear from you, what is your experience in business? what do you think about the importance of having a business plan?

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