Running a business without a business plan is like rock climbing blindfolded. Your chances of making it successfully to the top are slim. And the process will surely be a death-defying one.

A business plan is a step-by-step guide to running your business and creating a product or service that will make it successful in the marketplace. Your business plan should be:

  • Adjusted periodically depending on opportunities in the marketplace, the current health of your business etc.
  • Flexible.
  • Formal or informal (it does not matter so long as there is a plan).

A business plan minimises risks and surprises. Consider the following for inclusion in your business plan:

  • A reasonable expectation of profitability and when,
  • How will the business pay you and any team members,
  • The estimated expenses,
  • The pricing strategy,
  • The need for what you are offering, and what profit margin can you expect,
  • While much of this may have occurred to you, it is very important to write it down.
  • A documented plan:

    • Helps you determine and coordinate all aspects of business operations,
    • Gives you a means to analyse and determine what might be the best change to boost your business out of a stagnant situation,
    • Assists you in determining the risks and benefits associated with any changes,
    • Decreases your chances of making a mistake or not considering important factors in your business,
    • Increases your chances of success,

    Need help with your Business Plan? Contact us and we can help.