Imagine sitting for hours and writing a big long plan, you’ll probably never read.
Seems a waste of time right? I mean, you’ve got business to be doing!
Well well, listen here, for I will show you five advantages to writing a business plan!
Vision
Undoubtedly a great benefit when building a business/brand is having the overall vision.
Vision will help you understand why you are doing what you are doing
Additionally, it will allow you to understand where you are going to be headed.
This will allow for more coherent decision-making and allow your business’ brand to grow stronger.
If you haven’t already, try deciphering what your business’ vision is, why did you start it, and what it is you want to achieve.
Consistency
Consistency can be key, rapid changes and decisions away from a central path can lead to strategic drift.
To ensure consistency is maintained throughout, a plan will ensure that every decision is made with the vision in mind.
Consistency will also make your brand stronger, and more credible.
If people see similar themes, messages, and processes in your business, it will create a professional, thought-out impression.
And you only get one chance to make a first impression!
Be SMART
Specific Measurable Achievable Relevant Time-Bound (SMART).
This is a framework used commonly in objective settings, it allows you to set solid objectives.
By setting out a business plan, be SMART and set objectives that are measurable.
This will give you a great way to measure your success, but also set KPIs
These Key Performance Indicators (KPI) will allow you to focus on what is important for your business.
Additionally, it will allow you to see how your decisions affect what matters most in your business.
Spot Potential Mistakes
Sometimes when things happen, we think how nice hindsight would have been in the situation.
Imagine this, you make a rash decision and raise prices on a whim, your customers are leaving!
If only you had spotted this earlier!
if only there was a way to think about your actions and the consequences of such.
*Spoiler Alert* a business plan allows you to do just this.
Use the plan to think about what decisions you’ll make, when are the best times to raise prices?
Is the market you operate in price-elastic? Etc…
This will help you make more informed decisions, and allow you to spot potential potholes on the road to success.
Potential Investment
Get investor-ready and be prepared to raise capital when needed!
If an investor or group wants to invest in your business, it can be great news.
That being said, they will want to see you have thought out and planned the next steps of your business.
Therefore, it is a good idea to have a business plan drawn up to show would-be investors where the business is headed.
Not only this, it will instill confidence for investors as they will know you have strategised and refined your approach.
Final Remarks
So, I hope you have your pen (or keyboard) ready to construct a business plan.
A plan helps you to set out and strategise ahead of time, but the best thing is that they can be flexible.
You do not need to stick to it, if something changes, adapt to it!
But if you’re stuck on what to do, or how to go about it, your plan will be there for you.
And find out how we can help by checking our digital marketing services.
