2. The mere fact that you have taken the trouble to prepare a good business plan reflects careful analysis of the business’s potential. This will provide you with the necessary peace of mind to drive your project.
3. The business plan will motivate other stakeholders to support the business. This may be the bank, partners, employees, suppliers and even customers.
4. The usefulness of a business plan endures well beyond the initial funding and establishing phase. If kept up to date, frequently referred to and used to track the direction the business takes, it will help you to spot problems early.
5. Regular review of the business plan necessitates the application of logical thought processes. This will have a positive impact on the quality of your management decisions.
6. Revision of the goals set in the business plan promotes lateral thinking by the members of your team which are your employees and facilitates the effectiveness of brainstorming sessions.
7. The business plan becomes a measurement and evaluation tool in the widest sense of the word. It can be used to determine which divisions within the business have met their goals. This creates benchmarks for investment decisions and performance appraisals.
8. The business plan facilitates staff buy-in through joint goal setting and progress tracking.
9. The business plan serves as an early warning system for the identification of opportunities that may otherwise be overlooked.
10. Although the business plan contain confidential information, it can serve as a source document for the creation of press releases and other communication aimed at the business’s core functions.
The secret is – the business plan need not to be a thick document. Keep it short and sweet. Remember; balance it with a mix of optimism and realism. Although you as owner and manager may delegate, you may never delegate the compiling of your business plan to someone else. This is your own mission and vision! It is your business plan – nobody else’s.
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