Back to news

Why You Need a Business Plan

If you want to grow your business, be more competitive in your market and achieve your goals, a business plan is absolutely essential.

Business advisor services can help with this. Whatever business you’re in and whatever stage you’re at, from start up to established, smart business planning can unlock your potential in a number of ways.

  1. Accessing finance

Banks, lenders and investors will only risk their time and money if you demonstrate they can place trust in your business to be profitable and successful. A ‘she’ll be right,’ approach isn’t going to get any finance flowing into your business.

Accessing finance

A good business plan will show the people holding the purse strings that you’re serious about your business. It helps lenders and investors understand your proposition and should show them your predicted profits and income streams, along with a solid marketing plan for attracting customers.

  1. Getting your priorities straight

A business plan isn’t just something you have to do to show to other people. It’s a valuable tool you can use to reach your goals. See it as a positive opportunity to give your business real direction and drive by defining your objectives, mapping out your strategies to achieve them and better managing any potential difficulties. The process of preparing a business plan will help you decide on what goals are important and how you plan to complete them. This means you can focus your time and energy on the activities that are most productive rather than blindly jumping from one task to the next without being sure what you’re achieving. The process also encourages you to plan ahead for possible issues, meaning you’re better prepared to deal with any bumps in the road with minimal stress.

  1. Taking control of your business

Your business plan will help you stop drifting from day to day and take control. It allows you to step back and get a clear picture of what’s working in your business and where there are chances to improve things. Instead of worrying about the future, a business plan helps to give you a sense of control over your business and your livelihood.

taking control of you business

If you employ people in your team, preparing your business plan is a great opportunity to get their input. Not only will they give you valuable insights you can’t get elsewhere and ideas you hadn’t thought of, but by inviting them to contribute to business planning they will be motivated to give more support and succeed in their role.

  1. Staying agile

A business plan is not something you do once and hide away in a drawer. It’s your working plan for your business success and you need to review it regularly to track your progress and reassess your thinking. This is an opportunity to remind yourself of your goals and priorities, assess whether your strategies are working, adapt to any changes and make the most of new opportunities as they come your way.

Writing a business plan can seem overwhelming and time consuming, but there are huge opportunities to start working smarter and making real progress towards your business and lifestyle goals. You don’t have to find your way alone and many successful people make use of expert business advisor services.

SP Solutions business advisor Melbourne can help you learn about the wider forces and factors that might affect your business, assess where you are, where you want to be and how to get there. Contact us for a free consultation to find out how our help with a business plan can allow you to take control and unlock your potential!

BUSINESS