The link between Google Maps and a Business Plan
Why write a Business Plan??
It’s a bit like asking why use Google Maps to get directions to a Restaurant!
You do know where you want to be, and you probably could find your way there eventually, but using Maps will show you most effective path, will give you confidence to set out in that direction, it will highlight potential traffic on the way, and it will let you know when you get there!!
It also offers alternative routes, …and, sometimes, it might offer you alternative destinations!
A well-constructed Business Plan can offer all that too! Most often built before starting a new business, a Business Plan can be written, updated, or amended at any point in your business life cycle.
Compelling reasons to build a Business Plan
- To show you mean business
- Let all vested stakeholders know you are serious about your business future – partners, investors, employees, yourself!,
- Steer you and your Management Team directly towards your company objectives
- Make sure all management decisions made along the way are aligned with your ultimate goals, and that the shortest possible path to that success is maintained
- Help you raise funding and finance
- Potential investors will want to know you have a sound future plan to ensure their investment is secure. An impressive Business Plan can reduce the perceived investment risk, and may even reduce the cost of finance!
- Help you achieve Milestones
- Tracking important milestones can keep you on shortest path to success, while also generating a regular sense of achievement for you and your teams
- Help you understand, and take action against, threats to your business
- By identifying all current and future possible threats at the outset, your Business Plan can help navigate through the rocky patches.
- Help you understand your competitors, and the market environment, to make more effective strategy decisions
- Sometimes your competitors may leapfrog their market position with innovation or product development – having an understanding of who and how your competitors operate in your markets, can help your react effectively.
- Help you understand your customers, and the opportunities that can help your business grow.
- A carefully crafted Business Plan should be a dynamic document, encouraging you to monitor and react to changing environments, and grab growth opportunities.
- Make sure your business stays relevant
- React to identified risks, ensure opportunities are swiftly engaged, recognize changing market environments, can all help your business stay relevant in your market, and keep you ahead of the competitors
Which direction now?
So, business owners and business managers, start building your business plan now ~ and gift yourself a GPS tool to map your way to business success.
Need help to build your Business Plan? Click Here