Everyone needs a business plan. No matter how much you think you can manage without one, it's better to write things down to help give you a visual. The business plan is an essential component if you plan on attaining lenders of any type to help finance your business. Ideas are great, but most would-be entrepreneurs find out that it takes time to go from thinking to doing, more time than you may have. Writing a business plan can be intimidating but it is important and the first step to starting your own business. A business plan on paper acts as a blueprint for your business that you can refer to and possibly reassess your current track. Since starting my business plan there is so much more information that I've come across doing research that enhances my overall business plans and tactics. Frank Fiore has written several books including, "Write a Business Plan In No Time." This book covers all the basics of writing an effective business plan. The book touches on everything from presenting your business plan to understanding the elements of a business plan in the books 15 chapters.
A study mentioned in "Business Plans For Dummies" by Paul Tiffany states that companies with just the strategic section of a business plan have 50% more profits and revenue than non-planning businesses. Another survey found business-planning companies have 63% higher revenue growth and 100% more profit. So as the saying goes, "if you fail to plan then you plan to fail." There has to be planning with anything you set out to do, and a business plan is no different. Business plans can be as short as a one-page document to a standard 20-30 pages. The difference is in the details. According to SBA.gov, "writing your business plan also forces you to think about you business objectively." When you write down the facts it helps you to see if you will actually make money, how and when. Often this leads to new business strategies you may not have considered prior to your start. Writing the business plan helps you to visualize your dream and can tell you if you need any revisions. I have revised sections of my business plan just slimming down my target market. This will help make marketing more strategic and less wasteful with spending. So no matter if it's a one-page business plan of a 25-page business plan you should write it down. In the words John Greenleaf Whittier, "as a businessperson, you have no greater leverage than the truth." A business plan helps provide that truth.
