Business Planning

Why do I need a Business Plan?

 

 

 

 

A business plan is an essential ingredient to executing your business strategy.

Benefits include:

·       It provides owners with a current assessment of the business and a roadmap for the future.

·       It is necessary to secure financing for growth.

·       It is a process that requires you to think through every part of your business and may prevent serious mistakes.

·       It allows owners to oversee the business and measure performance against goals.

Own it

For a business plan to be effective those who have to implement it should own it. Good management requires setting objectives and managers must participate in goal setting. The strategic planning process can be an exciting way to engage key managers and contribute to strong team building and thus ownership of the plan.

Share the Process

It is critical for owners to share their ambitions and goals with managers. Business objectives should be explained with the management team, employees and new hires. Parts of the plan can be shared with new employees as part of introduction and training in the business.

The next blog will provide additional insights into the benefits derived from having a business plan.