WHY YOU NEED A BUSINESS PLAN

So, you are getting ready to write your business plan. Did we hear you groan? 

It's definitely not the most exciting part of starting a business. In fact, if you're like a lot of entrepreneurs, you're probably going to find yourself pulling a few all-nighters to get one done before heading into your first pitch for funding. Because that's the thing, your business plan is, well, pretty important.

The importance of taking the time to develop a plan for your business cannot be overstated. All you have to do is conduct a Google search on the topic of "why businesses fail" and you will find that 9 out of 10 of the search results state "failure to have a strong business plan" as one of the main reasons for failure.  

Any funder worth his or her salt wants to see it right off the bat. Moreover though, a solid business plan is a living document that will continue to guide your efforts as your business grows.

Creating your business plan is more than just getting your ideas down on paper for potential funders to see. It's an exploratory process in which you can evaluate your options, test your assumptions about your idea, and even discover new opportunities. It might even lead you to step away from aspects of your business before investing too much time or money in them.

A well developed Business Plan will help you:

  • Prove that you are serious about your business

  • Establish business milestones

  • Better understand your competition

  • Better understand your customer

  • Enunciate previously unstated assumptions

  • Assess the feasibility of your venture

  • Document your revenue model

  • Determine your financial needs

  • Attract investors

  • Reduce the risk of pursuing the wrong opportunity

  • Research and really know your market

  • Attract employees and a management team

  • Plot your course and focus your efforts

  • Attract partners

  • Position your brand

  • Judge the success of your business

  • Reposition your business to deal with changing conditions

  • Document your marketing plan

  • Understand and forecast your company's staffing needs

  • Uncover new opportunities

Co-Creative Consulting can help your team create your business plan.  For more information on the business plan development process or our business plan services contact us for a consultation.

WRITING A BUSINESS PLAN

The Elements.

Kathy@Co-CreativeConsulting.com  |  Tel: 202-480-0715

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