BY DEMETRIO ZEMA
Every business starts from an idea. Every idea is often fleshed out over many days and nights, with various pieces of paper, mind maps and sticky notes. Sometimes ideas just flourish in our minds and we construct mind maps and conceptual ideas without ever putting pen to paper.
Entrepreneurs are often good at the visual and long term strategy plans however often lack the relevant skills in putting pen to paper and accurately and strategically mapping out a business idea. A business plan is an integral part of every business. Whilst it is never a document in perfection, it is a document that addresses the key criteria required to start up your own business. It is a strong business tool and one that should address some key elements of your business including:
• Market Analysis
Without a clear plan, your idea and business can go from brilliant to nil very quickly. An idea is only as good as its execution and having a strong, well thought out and practical business plan will place you and your business miles ahead of the rest.
A lot of new businesses and entrepreneurs get carried away in the start up phase and figure that their passion, optimism and commitment is enough to build and sustain a successful company. A business plan allows you to identify what could go wrong with the business, set clear values, mission and purpose and can allow you to bench mark your business against your competitors.
There are many benefits to having a business plan, and here are 3 of them:
• It provides you an opportunity to road test your business idea
• It allows you to roadmap and timetable your goals and objectives, and
• Is a snapshot of your business which you can provide to banks, incubators, VC’s and others
Without a solid business plan you risk being underprepared for not having considered what could possibly go wrong. The time invested in developing a business plan is never wasted and the more time you spend developing your plan, the more prepared you will be.
At Law Squared, we partner with passionate entrepreneurs and businesses who need our technical help and expertise. We’d love to have a chat with you, so feel free to drop us an email firstname.lastname@example.org
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