• Apophia

Everything You Need To Know About A Business Plan And Why You Need One

Updated: May 13

Planning is a fact of life. Every business needs a plan.

Trust the information a business plan holds. It speaks, and gives guidance and direction towards executing work and achieving goals. Additionally, business experts have it that a business plan can measure results and make informed decisions. It also helps foresee risks and threats alongside mitigating measures to overcome them and opportunities and strengths available for the growth and development of the business.

No business can develop fully in the absence of a business plan. Writing a business plan can help you determine if your idea is feasible and provide direction. With a business plan, you will be able to know every next step that should be taken - Fred Chege

A business plan bears operational plans, when, how, and where the business should get started. A business plan is a step-by-step guide that shows how a business will run; it might seem a little complicated, but it gives results in the long term when followed appropriately in line with the available or given guidelines.

A business plan is defined as a written document that gives full details about the nature of the business, marketing, and selling strategies, how you hope to get funds, estimated profits, and losses.

It is a road map that provides directions for a business. For example, a business plan sometimes focuses on the legal structure, ownership, location, what you sell, your customers, how you sell (commonly focuses on the channels of distribution), your competitors, layout of how you plan to work, the production, the sources of your finances, what you expect to be the return of your investment and so much more; we will look at it details at a later time.

While writing a business plan, make sure you;

1. Keep it precise and brief

Your business plan should be kept short, direct, and on point. Keep irrelevant information and details away from this document.

2. Know the people you are speaking too