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Determining your goals and objectives will point your business in the right direction.
Hank Boyer, executive coach and CEO of Boyer Management Group, notes that most business plans are quite basic to begin with, but tend to evolve and become more detailed over time.
“Creating a business plan is by nature iterative, so most start out on the simple side,” he says.
Having a business plan will put everyone on the same page and prevent any misunderstandings early on.
A well-written business plan will provide your business with the structure it needs to run smoothly by laying out what your priorities should be and the actions you’ll need to take.
Despite this, 40% of small businesses don’t have one, and 21% of Australian small business owners say they don’t have time to write one.
Another survey of Palo Alto companies found that business owners with a completed business plan are nearly twice as likely to be successful when securing funding and growing their business.
Starting a new business is always a bit of a gamble, of course, but during the planning stage it’s better to be realistic than optimistic.
“In my experience, the single largest reason a business plan fails is that those creating the plan under-calculate the time and cost that will be required for the plan to break-even,” says Boyer.
“Writing a business plan requires you to meticulously research the market, which will help you learn more about what your customers really want, how much they’d be willing to pay, how you can attract them, and who your competitors are.” With this in mind, if you plan to raise money to start your business, whether from outside investors or friends and family, it’s important to have a well-researched and compelling business plan that inspires confidence in your ideas as well your abilities.
When starting your own business you’ll probably have a number of partners, investors and employees, and each person may have his or her own idea of how the company should be run and what its goals and objectives should be.