Why is it so important to have a clear business plan?
Have you ever thought about the risks associated with not having a clear strategy in place? Many business owners focus on current affairs of the company, planning activities for the next several months or even as little as a few weeks. When something unexpected happens, they are often forced into making decisions which could potentially be a high risk to the business.
In order to successfully compete in the market we recommend that you:
– have a clear vision and a specific goal;
– have the knowledge of which path to take in order to achieve your goals;
– know what your business needs to satisfy its existence;
– understand how your company can differentiate itself;
– know how big your market is;
– know who you will target as customers;
– are aware how much money you require to get your business started and generating revenue;
– understand what needs to happen to break-even.
Having a business plan will help you focus on the specific steps necessary to make your business ideas succeed. It will also make it easier to achieve both short and long-term objectives.
Why should I invest in a business consultant to help me write a plan?
A good consultant will have a lot of experience working in and with a broad range of businesses. It is the accumulated business experience and knowledge which makes his/her services valuable for any organisation, regardless of its size.
Our experts at Kidwells are experienced in a number of different types of businesses and industries, while also having very specific experience in running companies, in the financing of a business and importantly in the marketing and sales.
Many businesses, to save funds, write their business plan themselves prior to start-up. By writing the plan yourself you could put your new company in a position where you cannot risk making errors. You will find yourself floundering and quickly out of business. Spending funds on such services should be seen not as an expense but rather as an investment in your company’s strategic direction and market positioning.
A business plan is also essential for business owners who seek to raise money to help fund their companies. At Kidwells, we know what to add to a business plan to make it stand out to investors. We are also familiar with the language and can follow a format investors will expect.
Without having a business plan in place, your business could possibly fail. Did you know that up to 75 percent of businesses without a business plan in place fail within three years following a major disaster? The reason for this is because they make incorrect decisions in the early stages of recovery. Research shows that companies with business continuity planning recover faster and more effectively following an emergency plan.
How often should I review my business plan?
A business plans is a living document and we recommend checking it every so often to ensure it is still relevant. Even if your business progress may still be perfectly aligned with the strategy that you’ve originally set, the economy around you is constantly changing. Almost every business should update their tactics, especially in the marketing section, in order to meet the market trends and realities which change all of the time. Most sections of a business plan are based on estimates, which does suggest that updates are necessary. We would strongly recommend that you make it a practice to review your business plan at least once a year and plan your activities for the coming year.
If you have any questions about your business in general or would like to have your plan written or reviewed, please feel free to contact us by filling in the form below and we will get back to you.