The Importance of a Business Plan
By Felicia Beard, President of Paper Trails
A business plan:
· Defines the purpose of business
· Provides insight for product pricing
· Outlines a strategy for execution
· Holds the owners accountable (especially if a sole proprietorship)
· Gives feasibility perspective
· Encourages lending and investment opportunities in your business
· Provides stamina to run
Underestimating the necessity of a well-written, clear business plan is a mistake and can be detrimental for business owners. Saying, “my business plan is in my head,” is foolish conversation. What this equates to is taking a road trip somewhere, having the destination in your mind but not having a road map to get you there. By some luck you may eventually find your way but you waste unnecessary gas, time, heartache and money on this journey. The Bible even tells us to “map it out” – “write the vision and make it plain on tables that he may run who readeth it.” (Habakkuh 2:2 King James) With a business plan you will find that you will run and not get lost – run with vigor, excitement and energy! You will know where you are going and what it takes to get there.
Work smart to develop your business right from the start. Do the required research and investigation and seek the appropriate expert advice for its establishment. Finally, if you lack the time and/or skills needed to develop a business plan hire a contractor. Call Paper Trails at 716-603-2192 for further information regarding how its account executives can map out a business plan that gets you to your destination.