The Co-working Diaries

Building a Business Plan?

‘He who fails to plan, plans to fail.’ – Winston Churchill

Planning is deciding in advance what to do, how to do, when to do and what to do. In a business, a GOAL and a PLAN are very important. The businessmen keep these 2 words in their mind before starting a business.

But why is business plan required?

Here are few reasons explained by our experts:

1. To map the future:  A business plan is required not just to secure startup funding phase but also to manage the business more effectively. By writing our thoughts down on paper and by making specific courses of action we can understand the business better and can help to improve one.

2. To develop and communicate a course of action:  A business plan helps a company assess future opportunities and commit to a particular course of action. By committing the plan to paper, all other options are effectively marginalized and the company is aligned to focus on key activities. The plan can assign milestones to specific individuals and ultimately help management to monitor progress. Once written, a plan can be disseminated quickly and will also prompt further questions and feedback by the readers helping to ensure a more collaborative plan is produced.

3. Coming up with ideas:  By making a business plan in an organization, the clients can come up with new ideas and strategies which will help the company to grow. By this means the clients also get a chance to understand everybody’s point of view for the growth.

4. Attract Team Members:  Business plans can be designed as a sale tool to attract partners, secure supplier accounts and attract executive level employees into the new venture. Business plans can be shared with the executive candidates or desired partners to help convince them of the potential for the business, and persuade them to join the team.

5. Manage Company:  A business plan conveys the organizational structure of your business, including titles of directors or officers and their individual duties. It also acts as a management tool that can be referred to regularly to ensure the business is on course with meeting goals, sales targets or operational milestones.

Well, now that we all are aware on the importance of business planning, let’s start reaping the benefits of planning on business and be ready to be ahead of competitors!

- Mallika Mishra