Why is a business plan important and who should write it?

[nasiusman95]

Writing a well thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur. A good business plan can help: determine whether your business has a chance of making a good profit. provide an estimate of your start-up costs, and how much you'll need to invest or finance
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Business plans are like road maps; it’s possible to travel without one, but it will only increase the likelihood of getting lost along the way.

Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, entrepreneurs often use business plans to help guide them. That’s because they help business owners see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success.

 

[idhans]

A business plan is important because it summarizes both your vision for the company and your blueprint for the company’s operating success. The business plan is a written guide that details the startup and the future direction of your company.Who should write the plan? You, the entrepreneur. No one else knows your business idea and goals better. Yes, there are services that can do the work for you, however, you are the one who must present this business idea to bankers or other investors. Therefore, it is best if you are very familiar and comfortable with the plan.

this is one of the documents you don't have to joke with when you are about to start a business. Writing a good business plan is very important for any business. you will be able to capture how much you need for the business in your business plan. Your business plan will also address your potential competitors in that business in which you have to deal with.

 

[nasiusman95]

Just as a builder uses a blueprint to ensure that a building will be structurally sound, the process of creating and writing a blueprint for your business -- called a business plan -- will help you determine whether your business will be strong from the start. Without a business plan, you leave far too many things to chance.

A business plan contains a description of your business, including details about how it will operate, a section on market research and marketing strategies, an evaluation of your main competitors, and several financial forecasts

 

[maventiger]

A business plan is important because it summarizes both your vision for the company and your blueprint for the company’s operating success. The business plan is a written guide that details the startup and the future direction of your company.Who should write the plan? You, the entrepreneur. No one else knows your business idea and goals better. Yes, there are services that can do the work for you, however, you are the one who must present this business idea to bankers or other investors. Therefore, it is best if you are very familiar and comfortable with the plan.

@Defaith it's very important to have a well structured business plan before starting a business. A business plan must have a detailed information of all aspects of the business. It must be feasible.

 

[Akinwale701]

A business plan is important because it summarizes both your vision for the company and your blueprint for the company’s operating success. The business plan is a written guide that details the startup and the future direction of your company.Who should write the plan? You, the entrepreneur. No one else knows your business idea and goals better. Yes, there are services that can do the work for you, however, you are the one who must present this business idea to bankers or other investors. Therefore, it is best if you are very familiar and comfortable with the plan.

Business plan is very important because it highlight the goals, objectives, missions, and vision of the business owner upon which the business is built. Business plan is best drafted and written by the business owner who knows the main reason for doing the business.

 

[Shaffy]

A business plan is important because it summarizes both your vision for the company and your blueprint for the company’s operating success. The business plan is a written guide that details the startup and the future direction of your company.Who should write the plan? You, the entrepreneur. No one else knows your business idea and goals better. Yes, there are services that can do the work for you, however, you are the one who must present this business idea to bankers or other investors. Therefore, it is best if you are very familiar and comfortable with the plan.

I remember writing a business plan for my first online business.

It all seemed so straightforward when you read about it, but actually planning it is not so easy.

I was lucky to get a friend who put me through.

 

[Muhammad asif khan]

No business is started without planning. Every business is planned first and then started. If you start a business without planning.

 

[Lawal]

Business planning is very important in business, it should be planned by the owner of the business. The reason why business planning is important is for the business not to collapse because (an adage say proper planning prevents poor performance) if you planning your business very well it will not collapse

 

[Blessedsam60]

Business plan is very important and it's needful especially when starting or during business engagement. As a proper business man business plan serves as a fuel to ignite ones business and serves as a guide and an estimated one progress.

 

[Usama Iqbal]

Everyone wants to make his business successful. He thinks how the start the business. It is very important to make plans about the business. One should write all planning in the page and can make list some important products that are required in the market . He can also notice what are things most important to make a business successful.

 

[Kehinde]

The person or persons responsible for implementing the plan should be heavily involved in its development. Some people hire consultants or have employees draft the plan. If you're going to be accountable for the decisions that will be based on the plan, then you need to be involved in its development.

 

[Taimoor Jutt]

Business plan is very important to proceede the business. Even planning is very necessary in every field of life, either study, job, game or business. If we talk about writing business plan then try to write yourself it will make you expert. Or you can write from expert

 

[Sarfraz Ali123]

While business plans have many purposes, the primary importance of a business plan is that they help business owners make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that entrepreneurs can’t always afford. That’s where a business plan comes in.

 

[Yousaf3814]

As an entrepreneur, having a business plan helps you to define and focus on your business ideas and business strategies. You not only concentrate on financial matters, but also on management issues, human resource planning, technology and creating value for your customer

 

[Judee201]

In the beginning, I thought it was not a needed component of a good business; even though I have known at least some bit about it;
Business plan is certainly needed for a smooth running of a business, not even the talk of start-ups.

Why some business ignoring the fact that they need a business plan for their business?
:

 

[Azhar119]

Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.
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Having a business plan helps you to identify potential pitfalls in your idea. You can also share the plan with others who can give you their opinions and advice. Identify experts and professionals who are at a position to give you invaluable advice, and share your plan with them.

 

[Mama]

A business plan is very important because is gives one an insight on the goals he or she will like to achieve without business plans businesses will not last long before they either go bankrupt ofr they crash.... business personnel make plans in order to concentrate their focus

 

[Nabeel119]

A business plan is a communication tool that you can use to secure investment capital from financial institutions or lenders. It can also be used to convince people to work for your enterprise, to secure credit from suppliers, and to attract potential customers.Creating a business plan involves a lot of thought. You need to consider what you want to do, and use that as a starting point. It doesn't need to be complicated. At its core, your plan should identify where you are now, where you want your business to go, and how you will get there.

 

[Waseem74]

Writing a well thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur. A good business plan can help: determine whether your business has a chance of making a good profit. provide an estimate of your start-up costs, and how much you'll need to invest or finance.

 

[shakky2]

a business plan is very important in starting a business because all your points and desires are already captured,it also helps in guiding and growing the business so that you do not have running helter skelter after starting the business.the business plan can be written by the owner and can also be written by hiring an expert