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Discussion in 'Starting a Business' started by graphic designer, Oct 10, 2013.
How essential is it for a small business like mine to have a business plan ?
I wouldn't say that you need a business plan. However, a business plan can be very helpful for setting targets for your business and for bringing clarity as to the direction you would like to take your business. When writing your plan, try to keep it as realistic as possible and don't write it to impress anyone else, write it for your own eyes only. You can tweak it at a later date, if need be.
it is important to have a business plan about the product, location and how going to do it..
Yes, if you are doing anything before that planning is important. It's common to all business to achieve your goal without failure. We know the process plan, implement, run and get success. But no can implement. So start before your business plan A to Z things.
A formal business plan for a small business is overrated and you will actually only use it when you need it for financial application requirements. This said, it doesn't mean that that you don't have to plan your business. That's essential! So you need to plan what must be done, and most importantly, which skills are essential for start-up e.g. how to start with no money, how to market, how to sell... To me, mastery of the essential business skills are more important than the plan.
I wouldn't do anything before planning. But sometimes you have to take decision which comes without planning. The thing is you have to be prepared and decide what's good for your company.
Unless you're mining for outside capital, a polished 'n' shiny document that would dazzle investors and the banker isn't needed.
But the exercise of researching and then compiling a basic plan, including the components normally found in most BPs, is invaluable. I've worked with a trainload of freshly-minted entrepreneurs over the years and I've yet to see one who didn't emerge from the biz plan process with a deeper understanding of their own business than they held prior. If you haven't yet gone through the exercise, you do not know your business as well as you think you do.
After you've researched the market and really vetted the competition to a level that would convince a skeptical and jaded investor, you'll see your business through the eyes of an economist, a product development engineer, and a risk manager. After you've slogged through the careful development of your cash flow projections and pro forma financials, you'll see your company the way an accountant and a banker see it.
And so on; at the end of it all you'll also see your company through the eyes of an attorney, and a marketing guru, and a customer (that one's key!), and a vendor, ...
Even if you never need to drop a bucket down into the well of outside capital, all those different insights will be valuable. I've yet to see those fresh, informed insights fail to make for a better entrepreneur.
Again, it needn't have the formal structure and polished presentation of one that's drafted for outside consumption, and that'll knock out half the usual preparation time right there. Just research and compile the data and content of a good plan, and you'll be pleasantly surprised at the educational result.
It isn't necessary however it can really help if you put together a plan. By setting goals, you tend to push yourself so you can reach that goal and even if you don't reach it, at least you have an idea at where you are at and how much you have accomplished. It also helps you get organized a bit more so you know what to do and when to do it which will help towards achieving your goal instead of just being clueless and wasting time doing stuff which won't help your business. However a back up plan to the plan might be needed if you aren't confident it will work.
Does anyone happen to have a link to a good "How to make a business plan" book or website?
In alot of businesses you don't need a business plan. However, it would be wise to write up specific guidelines of things that need to be done, steps that you'll take, etc. at certain points in your business. But an actual business plan if you're starting a small business isn't necessary unless you're financing or looking for angel investors and things like that.
Its not so much about having the formal business plan on paper for others to see. Its more about whether you have fully and properly though throuhg your business idea and researched the marketplace.
Every business need a strategy to run a business even u r small business holder i.e. rotation of money.
Writing the plan is the essential part of any business and it requires proper research. Using your business plan, you can use various sources of information to gather statistics, study competitors and gain knowledge about production and pricing. It will give you a better understanding on how your business can function well and how it can actually make money.
Not only for Business, you have to have a proper plan for everything you do. Once we stick to a exact plan the results will be always pos
How you can start business without business plain. Without business plain it's mean you are going to play gambling or maybe you are going to make a new example for those people who start business without planing.
Whether the business is small or big, proper business planning and strategies are a must for everyone. Its the first step for moving towards success.
It is good to create a business plan before starting a business. I understand when the business is new we cannot follow the business plan strictly. Can also take help of analytics solutions. Can use business analytics solutions to predict the future scenario of market. It also gives insight of the market that is becoming more and more competitive.
As you can see in all the replies all are asking you that Without a business plan u will be clueless about your actions , as setting an idea in to action calls in the unforeseen and the not thought problems and there should be a plan to follow.