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5 Reasons You Need a Business Plan

5 Reasons You Need a Business Plan

  1. To Map the FutureThe value of a Business Plan is not simply a tool for business lending.  It’s also a tool to help you manage your business more effectively.  It allows you to forecast scenarios, identify risks, and plan for contingencies.
  2. To Support GrowthMost small businesses cannot sustain growth on cash-flows alone.  A solid and updated Business Plan helps potential Lenders & Investors understand your past, and have confidence in your future projections.
  3. To Develop & Communicate a Course of ActionBy committing your plan to paper, distractions are more easily marginalized, and the company is aligned and can focus on key activities.  As well, company and individual milestones may be measured and managed more effectively.
  4. To Help Manage Cash FlowMost business fail due, not due to concept or management or growth, but due to cash-flow.  The bottom-line of an Income Statement is often not realized in immediate cash.  When they arise, most growth opportunities require significant & immediate cash investment.  Some sources include hard money, line of credit, and cash advance.  Many options are even available if you have bad credit.
  5. To Support an Exit StrategyAt some point, a Business Owner may wish to either sell, go public, or pass the business on in family succession.  At this, and other such times of valuation, having a history of managed Business Plans could substantially improve time-spent, as well as maximizing value.
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