Would you set off on a journey without consulting a map first?… Im sure you wouldn’t so why would you start a business without the same kind of strategy?
Good planning is essential to growth.
Whether you’re looking to set new business priorities, outline plans for growth, determine a product roadmap or plan your investment decisions, you’ll need a strategy. Coming to the realisation that your organisation needs one is the easy part, creating one is a little trickier.
Good planning is the backbone of any successful business. Initially you need a business plan with your company launch, more often than not to convince lenders or investors to fund it. However, a good business plan fills more than just the financial purpose and should not be a one-time effort. Planning should be an ongoing process that remains vital to your business’ success over its lifespan.
Business planning for established businesses
If you are a mature business, your business plan should:
Guide your company growth
support your key business strategy
Ensure that you meet key targets and goals
help you manage business priorities
allow you to benchmark your business results
A business plan can play a key role in allocating resources throughout a business. It can help you attract new funds, or win over new investors and partners. See how to tailor your business plan to secure funding.