| Business Plans - What's the big idea? |
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| Friday, 06 June 2008 08:57 |
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Ask most people what the purpose of a business
plan is and they will tell you that its needed for funding or investment purposes. This may be true for some but the real reason why you want to create a business plan for your new business is to first of all test the viability of your idea. Surely before taking out a mortgage or personal loan you first establish whether you can afford the re-payments. What is the level of risk you are taking on when seeking funding or investment, what is the potential for your business to succeed and will the experience be worth while? These are just some of the questions an effective business plan will answer. Further more it may be helpful for you to conceder why large organizations such as Shell, Toyota, most banks and in fact most public companies often have business plans for the 5 to 15 years. These organizations understand the need for being prepared for different scenarios and circumstances, the understand the importance of having a business plan with which to guide you operations. Imagine sailing an oil tanker from the UK to India without a map or plan of how resources should best be managed. The business plan fulfills the same role. It simply helps you to plan and manage your resources in such a way that your business will achieve its intentions and goals. Business planning is a process of doing, committing yourself to actions, then revising them as new information comes along. Business planning is knowing where you are going, when and how you are going to get there. |
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