Advantages Of A Business Plan

[skatss]

What are the advantages of writing a business plan and is it really necessary? Can this be done alone or is a lawyer needed?

[corporatefactors.net]

It really depends on the objective of your business. If your looking for a business loan or some sort of financing then your lender will most likely require a business plan. It is mostly commonly done at the start up stage when a new start up is incapable of showing any financials or tax returns of previous years.

[sacback]

I think that having a business plan is a blueprint to sucess. You are making /creating an outline for yourself as well as your business. It's more or less the meat of your life line.

[Coda1108]

You'll definitely need a business plan to get any type of funding. Whether it's a bank loan through SBD, or a governmental agency or a private investor. Friends and Family not included. However, internally a business plan will give you direction. It shouldn't be created and left on a shelf, either. Business Plans should be addressed and re-addressed.

A very wise business owner once said during a conference that it's almost 100% certain that what your business ends up doing is going to be different than what you imagined it would. I personally have had my business for six and a half years, I assure you that is so true.

A Business Plan will help you assess what paths are the best to take, and which you shouldn't waste your time with.

[cassie]

A business plan is essential even if you are not looking for funding. A business plan is the meat and potatoes of a business structure. If you do not have a business plan, your chances of Failure rate is extremely high. I don't know of any successful business that does not have a business plan in place. Yes, business plans to be on constant revaluations, to provide in the changes of the plan.

[skatss]

Wow, so many reasons to have one. Looks like it's also an opportunity to really check on the business and how it's to be run. Almost like forcing you to take a good long look at it. Thanks for all the great answers.

[faithib]

Originally Posted by cassie

A business plan is essential even if you are not looking for funding. A business plan is the meat and potatoes of a business structure. If you do not have a business plan, your chances of Failure rate is extremely high. I don't know of any successful business that does not have a business plan in place. Yes, business plans to be on constant revaluations, to provide in the changes of the plan.

So a business plan puts goals and direction in writing and you need to be fluid and flexible enough and be able to look at what is going on with your business honestly enough to change and re-write what needs to change for it to work better.
Right?

[ebonyeyez]

they help map out where you intend your buisness to be as far as success goes.

[Ricardo]

I've heard that even people who write down what they intend to accomplish in their personal lives have a better rate of success.

I agree with the posters above, it's very important to have a business plan.

[Coda1108]

A good business plan also helps a business owner be flexible and properly adapt to ever changing conditions. Personally, when I readdressed my business plan by comparing actual activity to planned activity I realized one line of business should get more attention than others. As a result my cash flow become more manageable.