Control your destiny
04 Jul, 2015 | business plan, venture capitalists, destiny, budgets, commitment
Why do you need a business plan?
Some might say they only need a business plan because bankers insist on it.
There are many who only come up with a plan to apply for a loan, to impress venture capitalists or for the benefit of the bosses. Well its time this myth was dispelled.
A business plan can be considered to be a means of shaping your own destiny. The only way you can be prepared for the vagaries of life is by planning ahead.
Imagine you are going on stage to perform. Even though you are more than capable of pulling it off, lack of practice will make you unsure of your abilities and make you second guess yourself.
This is very similar to what happens in a business; though the business is in your very capable hands not knowing what to expect in the future, will always make your decisions tentative.
Though there is no guarantee that the future will unfold according to your plan at least you will feel comfortable during the journey ahead, knowing you have a plan to fall back on.
In the real world there might be a number of fluctuations, how you respond to these vagaries will depend wholly upon your plan.
Using a business plan you can set the goal you hope to reach and break the process of reaching that goal into a number of manageable processes. Together with your team, you can come up with a simple but precise and a complete plan that isn't riddled with jargon. It also imperative, that the goals you set, are practical and sensible.
A plan can never replace the actual execution but it will always boost the performance. Having a business plan is the best way to ensure you are producing the results you hoped for. You can compare the results and analyze them and if there are any deviations, you introduce corrections to fix it.
Always remember no plan is good unless updated according to the times. Review various processes in your business and update the plan accordingly as you progress. If the review and analysis indicates the business is drifting in an unwanted direction, then make the necessary course corrections.
Considering creating a business plan a part of the whole process of setting up a business you have ensured that the journey from the present to the future is within your control.
You have provided your business the platform to stand up to the real world.
Image credit : XDA Developers
Further Reading :
Introduction to business plans | Different types of business plans | Types of business commitment
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