“I have always thought that one man of tolerable abilities may work great changes, and accomplish great affairs among mankind, if he first forms a good plan, and, cutting off all amusements or other employments that would divert his attention, make the execution of that same plan his sole study and business.” Benjamin Franklin
There is no better way to thoroughly know and understand your business, your industry, and your market than to go through the process of researching and developing a business plan.
A good business plan outlines a vision for your company and demonstrates how you intend to realize that vision. It serves as a blueprint to guide you through start-up, establishment, and eventually, business growth. It will also help you secure loans and attract investors.
In a comprehensive business plan, you should include an executive summary, a mission statement, descriptions of products and/or services, a market review, detailed financial analyses, and a succinct description of the business’s short- and long-term goals.
Also necessary are in-depth data about your target market, sales and marketing strategies, cash flow projections, operational particulars, and growth milestones and other ways of measuring progress.
There are many tools available to help streamline the process, including templates, business planning tutorials, videos, and kits. Many of these are free and available online. But the prospect of writing a business plan can still be daunting for a would-be small-business owner.
That said, and in the spirit of Benjamin Franklin, writing a business plan is a critical step in establishing your business as a success. And over time, this essential, living document will be just what you need to guide your business decisions and keep your business on track.