Why Go Through the Hassle of Writing a Business Plan?
“A business plan is a document that defines in detail a company’s objectives and how it will achieve them,” according to the Business Plan: What It Is, What’s Included, and How To Write One article in Investopedia.
There is no wrong way to write a business plan. The plan is your plan and should meet your needs to reflect your business and business goals. The plan should also attract funding sources, the possibility of business partners (if that’s the route you’re going), investors, and clients, and be used as a guide as your business grows.
A business plan can improve your chances of being approved for a loan. It’s a tool that shows a lender that you are worth investing into will be a sustainable business, and that you’re taking this next step in all seriousness. Your business plan is essentially you telling a lender how you will be successful in your area of expertise. By working with your local ND SBDC advisor, the advisor can help create an excellent financial section for you to include in your final business plan that will be submitted to your lender and potential investors.
Business plans recognize the competitors and what advantages and disadvantages those competitors have. Also, include your business advantages and disadvantages. Recognizing one’s strengths and weaknesses is essential for success.
Your business plan will include a marketing section. This will help you remember how you were going to reach your clientele. When feeling like you need to attract more customers or incentivize current clients, your business plan is an excellent guide to refer back to. You may have included things such as partnering up with other entities in town, offering discounts or giveaways, or partnering in community events.
As your business grows and changes, your business plan should also grow and change to reflect the current and growing needs to continue to be successful. Your business plan can be a working document you check into frequently, ensuring you meet your goals and milestones.
If you need assistance with your business plan, register with us today!