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Who Needs A Business Plan? (You Do)

By Rolfe Larson on April 26, 2010

The benefits of having a business plan include:

  • Helping you to clarify your vision and deciding whether or not to forge ahead with the idea.
  • Determining if your product and/or service has a sufficient market to support it and whether or not it will be profitable.
  • Providing an estimate of your start-up costs and how much you’ll need to invest or finance.
  • Convincing investors and lenders to fund your business.
  • Defining your target market (who your customers are or will be) and how to best reach them through strategic marketing actions or expanding market coverage or reach.
  • Establishing or reevaluating your competitive position within the marketplace, by conducting a thorough analysis of the competition (finding out where your competitor’s weaknesses are and how you can take advantage of them).
  • Defining corporate objectives and programs to achieve those objectives.
  • Helping your business make money from the start by developing effective operational strategies.
  • Understanding the risks involved and anticipating potential problems so you that can solve them before they become disasters.
  • Setting a value on a business for sale or for legal purposes.

[Source: Wikipedia]

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For more resources, see our Library topic Business Planning.

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Rolfe Larson provides consulting and training in areas such as strategic planning, market research, feasibility analysis, business planning, marketing, and implementation strategies.
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