The Value of Creating A Strong Business Plan
Entrepreneurs are a lively bunch, brimming with optimism and belief in the premise behind their businesses. Their interests tend to lie in creating the product or service they are going to sell and convincing their customer base to buy it. For many of these busy business owners, creating a business plan seems unnecessary. We’ve heard comments like “Plans are limiting” or “My time needs to be spent growing revenue.”
However, a formulating a business plan can offer many advantages. Entreprenuer Contributor, Tim Berry, outlined 10 benefits to having a robust plan for your business:
- Keeps your strategy top-of-mind
- Clearly defines your objective
- Allows for better-informed decisions
- Creates sensible priorities
- Reveals inherent process needs
- Sets milestones for better tracking
- Allows for successful delegating
- Promotes effective employee management and reviews
- Makes cash flow planning and management easier
- Sets a basis for the future
Did you take the time to create a business plan when you started your business? If so, how was it helpful? If not, do you wish you had?
