Are you thinking of starting a project or you want to expand your business, be more competitive in your industry or achieve certain goals?
If you answered yes to any of the above, you need a business plan! What makes your project or business bankable?
Whether you’ve just started out or been running for years, business planning can be the key to your success.
Here are three key reasons why you need to get started on your business plan today:
- Bankable Document: A bankable business plan will include a properly analysed market opportunities and articulate the right strategy to win the opportunities, including a robust financial model that would have tested all market and economic parameters and key enablers of the project or business.
- A Compelling Story: If you’re seeking finance for your business, you’ll need to show banks and investors why they should invest in your business. Lenders and investors will only risk their time and money if they’re confident that your business will be successful and profitable.
- A thorough and well-researched business plan: (i) shows that you’re serious about your business and ready to run and sustain it
(ii) helps lenders and investors to understand your business idea
(iii) shows your predicted profits and income streams and its reliability.
A complete, thoughtful business plan is one of the most valuable tools in helping you reach your long-term goals. It gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road.
Preparing a business plan will help you work out the goals you want to achieve, and the strategies to achieve them. This means you can focus your resources and energy on what you need to do, rather than spreading yourself too thin.
The planning process also helps you identify the critical success factors, possible business risks and mitigants or strategies to manage them if they do come up.
Once you’ve got a business plan in place, it’s a good idea to regularly review and update it to:
- remind yourself of your goals and priorities
- assess whether your strategies are working
- adapt to any new changes in your environment
- make the most of new opportunities as they come your way.