Why Write a Business Plan

Why write a business plan?
Many people think that a business plan is just a case of producing some financial projections. However, this often does not take into account the Marketing, Personnel and Operational aspects, which are required to support the figures. In the process of writing a plan all the issues should be examined to ensure that everything ‘knits’ together. A written plan also serves as a commitment by the management of the company for others to understand and follow. It provides a benchmark by which performance can be measured and, if necessary, adjustments to strategy made.

Is it a good idea to do an outline business plan first?
As with any document, to begin with an outline structure makes a lot of sense. But if you buy some planning software, such as stepbystep, the process is already done for you, so making the task much easier and saving a lot of time.

How long might it take to write a business plan?
This depends on the size of the business, the complexity of the venture and also the time you are prepared to devote to it. It is probably one of the most important documents you will write, because it maps out the future of the business and with it, possibly, your own success. Don’t expect to do it in a day – it will probably stretch over a period of a month, but if you take too long, things change and you will end up constantly rewriting. Review it again in six months.