Failing To Plan Is Planning To Fail – The Benefits Of Business Planning
The process of creating a business plan forces you to step back, and take an objective look at your business.
It’s important to see your business as a whole, otherwise it’s difficult to identify core business strengths, capability, competitive advantage and the associated opportunities/potential of the business.
Many people who have a business deal with it in a reactive or ad-hoc way, the business for the most part grows organically. Business owners become relatively successful with this approach however to take the next step they need look for a better approach. This where strategic business planning comes in – avoid making unnecessary mistakes and realising opportunities faster.
Putting a business plan together and writing down the specifics, provides you with the opportunity to evaluate and analyse your business situation and then proceed to implement the necessary changes to steer your business where you want to go.
Improving your business with a business plan has several benefit including:
- Helps to identify goals and objectives
- Defines strategies to meet objectives
- Identifies the blocks and challenges to reaching those objectives and suggest ways to manage them
- Helps avoid future problems in the first place
- Helps to align the objectives of the business with its structure, operational activities and people
- Assigns activities and responsibilities
- Creates a method of delivering and measuring results
Don’t waste precious time not getting the results you deserve – failing to plan is planning to fail.
Article written by Jon Hemming – Business Broker – LINK Sydney
Phone: 02 9899 1999
Mobile: 0400 419 229