Saturday, December 22, 2012

Business Planning Benefits by CBD

Basic Business Planning Benefits By CBD

You have thought for years about starting your business and feel that you are finally ready to get going. You research your product; you take time to study the competition and are now chomping at the bit. You feel that you need to get going, get loans, shop for a retail location or hire a webmaster. However, if you do this without a BUSINESS PLAN, you can easily spend more money and valuable time than needed. It is also essential to have a formal, professional plan if you will be going to the bank for a loan; especially in today’s market.

What are the benefits of writing a business plan?

  • The first and most important benefit is SUCCESS; writing a well planned and organized business plan dramatically increases your chances of being successful as an entrepreneur.
  • Planning will give you focus and you may unearth some good questions during the process of writing a business plan. You may not have thought of the cost of packaging, cost of shipping etc. Missing basic costs and time elements can have disastrous results down the line-especially if you are on a limited budget.
  • The business plan also gives you focus and perspective. You may realize your initial idea is not realistic. You may not realize how much WORK is involved in owning a running a business.
  • It leads you to the grander scheme thoughts….do I still have to work my full time job? How will this affect my family? There is a lot of things to think about and writing a business plan will give you time to do that.
  • Business planning determines if your product or services is on demand.
  • Profitability, will the business generate the income expected.
These were some of the basic benefits of writing a business plan.

In conclusion, I will repeat it a business plan is a MUST HAVE if you wan to build a successful business. It gives you focus and perspective, something to remind you of your dream and goals when the going gets tough. It will get tough! But don’t let this deter you! You can do it! Once you have a plan, you have your cornerstone to build off of. I am glad you are getting ready for your journey the right way and wish you a happy and blessed journey!

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