Business Planning - An Essential Tool to Grow your Business
@hive_connex
When starting a business, you may think that creating a business plan may not be necessary, or would be a waste of valuable time. You may ask yourself the following questions: Why waste time creating what I already know I have to do? What is the purpose of a business plan? Why is it worthy of my precious time and resources?
The planning, research and time you invest in creating your business plan will allow you to better understand your target market, what is happening in your specific industry, the company's and/or industry's growth or decline trends, as well as your company's strengths and opportunities. Developing a business plan will allow you to create your place in your chosen industry. It will also define your company’s branding and positioning in the marketplace.
By creating your business plan, you will understand your business better; therefore, be able to make more informed decisions on how to move and scale your business moving forward. A business plan is a map to all aspects of your business. This "map" shows all key stakeholders not only what your business is, but also your financial wellness, your expected financial growth, your plan for service or product delivery, your marketing plan and your overall dedication and commitment to your business, business partners, customers and employees. A good solid business plan will also serve as a vehicle to acquire investors and potentially secure a business loan.
Additionally, by creating your business plan, you will better understand the feasibility of your business venture. You will know when you have reached your desired goals and when it is time to move into the next phase. A business plan also forces you to analyze your competitors. Knowing your competitors gives you a competitive advantage when managing your business.
Through the creative process of planning and maintaining your business plan, you will be able to identify and assess new business opportunities. You will also have a business plan in place for guidance when there are changes in the economy or the marketplace. The creative process will often lead to ideas for branding and marketing your product/service and your overall business.
A well organized and strategic business plan allows you to: Clearly notice and celebrate your accomplishments and growth whether you have hit your milestones or not. Determine when you need to add staff. Introduce a new line into your business roster. Position your company for expansion opportunities and/or pivot when things are not going as planned
Business planning, along with a detailed business plan is essential to the growth and success of your business! For more information on business planning, business coaching, mentoring and training, please visit our website www.hiveconnex.com, or email us at hiveconnex@gmail.com.