Importance of Having a Business Plan

I usually hear a lot of people saying they can’t write a business plan. But what’s a business plan? Do you really need one of those? How important it is? We all need a plan to go forward in our lives. We have a plan to take our children to school each day. We have a plan on what we will cook for that evening. We have a plan on how we will work out. Well your business also needs a plan. You must review your business plan each year to ensure that you have made the mark you desired for that year. Plus you may have a change or adjustments in the plan once you’ve understand how your business is running.

You can’t create a solid business plan without a budget and a financial forecast. A budget shshutterstock_461625757ould ultimately reflect all the other elements in your plan. If you don’t have a clear picture of your industry, customers, competitors, and market conditions before you develop a budget, your numbers aren’t likely to reflect reality. Projected Financial Statements are a must to include in your business plan. They must be REALISTIC!!! How do you know if you will make money? If it doesn’t make money, it doesn’t make sense. You’ll just be wasting your time. Numbers don’t lie when you see it in black and white. You’re just guessing. Guessing is the best way to crash and burn. Please don’t think you will reach revenues of $1 million right out the gate in the first year. Even the best of the best companies takes time to reach revenue goals, and even longer to make profit.

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