This time of year is not just a time to celebrate the holidays with family and friends, but also, here at Wise Business Plans, we’re able to look back at the year and see the results achieved by our clients and the successes they have found. Like a group starting out on a long journey through unfamiliar lands, the ones with the best map have the highest odds of making it through. We like to think of ourselves as the cartographer in the World of Business.
What is the Importance of Writing a Business Plan?
Types of businesses starting up these days just may not require a business plan. But the facts have proven that anyone who understands the importance of writing a business plan and looking to start or grow a business can benefit from having an in-depth business plan. At the heart of every business are the same ingredients for success, things like revenues, costs, and profits. Keeping track and analyzing these changing factors before you begin and during the growth of your business is critical to making sure the end result is successful.
And once that business plan is written, it should be reviewed and revised on a continuous basis. As your business evolves, you should use your plan to make sure you’re on the right course to attaining your goals. As your goals for your business change, so should your business plan. It is a living document of where you are, where you’re going, and where you are working to be.
Study after study has found that having a comprehensive business plan correlated with increased success in obtaining a loan, getting investment capital, making a major purchase, recruiting a new team member, and growing the company. Maybe there are a few decisions in your life that can be made on a whim. But let those decisions be what restaurant or movie to go to. When starting or growing your business, which you’ve likely invested a great deal of time and money into, it is worth it to start with a professionally written business plan that will guide your journey through the business jungle.