Thoughtful Thursdays – What is a business plan and is it a good idea to have one?
Two good questions.
A business plan is a document that provides a detailed description of goals, objectives, strategies and tactics. From a start up point of view, it is the road map that when followed will most likely result in a successful launch. It is not a guarantee that the business will succeed, but based on what is known at the time, it indicates the best way to proceed.
And yes, it is a good idea to have one.
There are three major areas to any business. These are Marketing and Sales, Operations and Finance. The business plan captures relevant information for each area. The below link shows the anatomy of a typical business plan in chart form.
Writing a business plan takes time. Sound research is essential. It provides the information and results in the insights that support the viability of the idea. Think of the research as a footing that the business plan is built on. Building on a weak footing is not recommended.
Next week we will talk about business research and how it fits into the business plan.
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