Every new business needs a business plan—a blueprint of development guide stem from research, the business environment and trends etc. that demonstrates how the business idea can be made viable.
Business planning commonly involves collecting ideas in outlines that summarizes a business’ state, as well as the state of the broader market, along with detailed approaches to improve performance in the coming period.
A business idea requiring investment capital will need to obtain debt or equity financing from fiscal support institutions, angel investors, or venture capitalists if there is a solid business plan to back up ideas.
Business plans aren’t necessarily money based but basically makes provision for outlines on the general planning needed to start and run a successful business, and that includes profits, even though it also goes beyond that.
A plan should account for everything from scoping out the competition and figuring out how your new business will fit into the industry and specific environment.
Statistics reveals that 90% of all businesses started fail in their first five years. Of these failed businesses, 80% were failures right from day one as a result of poor planning.
A business on a success journey has to be strategically planned correctly from the very scratch. Just like building a house; there is the need to first plan the structural design before ever embarking on laying the foundation. The same is applicable to starting a business.
●Make sure your business is modeled having a system of support to grow/thrive with or without you.
●State clearly, your vision and mission statements; other future goals and plans.
●Core values in motivating motor (as in “Good enough never is”
●Ardent on; no declining or constant value system. Values upgrade towards meeting insatiable customers demands and their continuous retention should be encouraged
●Factor in your community in your business plan and also figure out how your business will positively impact on the surrounding environment.
●Study your business type environment; conduct necessary market, product, target, and SWOT analysis etc. where necessary.
●Leverage your business in achieving a primary aim