Business Plan - is it necessary?

[Kelvin7656]

Whether you're starting a small business or exploring ways to expand an existing one, a business plan is an important tool to help guide your decisions. Think of it as a roadmap to success, providing greater clarity on all aspects of your business, from marketing and finance to operations and product/service details.

 

[Youngdee]

Business plan is very important and it’s the first passport for a good business. Writing a business plan will ensure that you pay attention to the broad operational and financial objectives of your new business and the small details, such as budgeting and market planning. The process will ultimately make for a smoother startup period and fewer unforeseen problems as your business gets up and running.

 

[abubakar3141]

A Strategic Strategy for certain businesses is literally a must-have. A business plan is needed if you wish to approach a financial institution for a loan, apply for a small business grant, sell your business idea to investors, or enlist the help of a business partner.

 

[Judee201]

Creating the business plan forces you to analyze the competition. All companies have competition in the form of either direct or indirect competitors, and it is critical to understand your company's competitive advantages.

How are you going to reach your customers? How will you retain them? What is your advertising budget? What price will you charge? A well-documented marketing plan is essential to the growth of a business.

 

[idhans]

A lot of people start their business without following the bookish instructions. And some of the time they are successful with it. You can see that people need to make use of the business plan. And some of the time following that approach helps them stay focused. And they can improve their business by finding out what went wrong with it.

Do you think business plan is necessary?

This is the most important consideration when starting a new business. Any good business plan will identify all the risk that you might see in your business g. A good business plan also helps you to expand your business in the future. You might not do well if you had neglected this.

 

[Asifgee16]

Yes it is very necessery to do a bussness. You should think about online investments also.

 

[Adegbindin Abdullahi]

Business plan is very important in any organization, it is simply a musr to have in any organization,if you plan to approach a financial institution for loan,apply for a small business grant,pitch your business ideas to investors or enlist the support of a business partner,a business plan is required

 

[Bkoks]

It is very necessary to have a business plan . Without a business plan there is no business. Business plan simply means having a good structure ,layout of without you want to venture into either clothing ,food business or social business. Plans are very important for success to come forth

 

[Yewande]

Sincerely it is more than necessary. If you need a loan from some organization, they will request for your business plan. That aside it's called a PLAN for a reason. It's the skeleton of your enterprise.

 

[Blessedsam60]

Business plan is the heart of all businesses as you have to strategize all your plans, how to start? The capita needed, the amount of targeted sales per day, the labour cost and so many factors will have to come in place.
Failing to plan is planning failing.

 

[Bholozy]

Yeah according to you some business trend without you following the bookish plans but they also had plans.Business plans helps in showing a clearer picture of where you are going and what you set to achieve to help your business to grow, it is more like a roadmap in business

 

[Ebensco]

We were taught the importance of 5Ps in school Proper Planning Prevents Poor Performance. This rule applies to every aspect of life especially in business. A good and proper business plan prevents poor performance in the business. Most businesses crumble within the first or second year of establishment because the owners didn't plan ahead.

 

[Olamide wealth]

Whether you're starting a small business or exploring ways to expand an existing one, a business plan is an important tool to help guide your decisions. Think of it as a roadmap to success, providing greater clarity on all aspects of your business, from marketing and finance to operations and product/service details.

 

[Usama Iqbal]

Yes it is very necessary to make plan about the business. If we have right planning towards the business we can make our business successful. Similarly if we have no knowledge and no right planning it will be no profitable for our business. useful skills experience and good knowledge about the business is very important.

 

[Kehinde]

business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints. are important documents used to attract investment before a company has established a proven track record. They are also a good way for companies to keep themselves on target going forward.

 

[Sarfraz Ali123]

Potential investors or lenders want a written business plan before they give you money. A mere description of your business concept is not enough. Instead, ensure you have a thorough business and financial plan that demonstrates the likelihood of success and how much you will need for your business to take off.

 

[Mama]

Yes,business plan is necessary. Without a business plan one will find out that the business that is already started up will crash simply because it has no goal. A true business personnel should always have plans for his or her business

 

[Taimoor Jutt]

Yes it is very necessary to plan any thing , it will help you in your confusing Time. A business plan is a strategy by which you want to achieve your little goals. It is very important to have a business plan. A business plan is almost a script of movie.

 

[Yousaf3814]

Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time. Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.

 

[Sad56]

Yes of course . we do planning in every matter of life, we plan for our education, we plan for going anywhere, we plan for vacations, we plan for enjoyment, we plan for playing games , we plan for sports. So business is much important than above all so we should plan our business and get success by following our plans.