By Lydia F. Brown on July 12 2018 04:16:28
The planning process helps you learn about the different forces and factors that may affect your success. If you are already in business, it helps you to step back and look at what is working and what you can improve on. Instead of worrying about the future, a business plan helps to give you a sense of control over your business and your livelihood.
At its core, a business plan helps you prove to yourself and others whether or not your business idea is worth pursuing. It’s the best way to take a step back, look at your idea holistically, and solve for issues years down the road before you start getting into the weeds.
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 to consider possible bumps in the road and put a plan in place to better manage them if they do come up.
Creating your business plan is more than just getting your ideas down on paper for potential funders to see. It’s an exploratory process in which you can evaluate your options, test your assumptions about your idea, and even discover new opportunities. It might even lead you to kill off aspects of your business before investing too much time or money in them.
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