‘Fail to Plan – Plan to Fail!’
Every week from now on we’ll be blogging about a particular theme, and the theme for this week is ‘Business Planning’!
It won’t be long until the schools participating in this year’s Challenge start writing their business plans – in the meantime we’re going to give you some top tips, and explain why having a good business plan is essential to the success of your business!
There are many aspects to a business – such as budgeting, marketing, strategy and management – and a business plan allows you to make sure all of these aspects run smoothly together, and that none are overlooked. A good plan will allow you to transition smoothly from planning to implementation, and you will help you to overcome any obstacles you may encounter. If you do not plan your business properly, it is likely to fail.
“Even if you know what resources you have available, and you know you have a market for your products, without a plan and a budget you can’t know if your business will make a profit.”
Emily, Teach A Man To Fish, Programmes and Business Development Manager – Africa
A good business plan will help you to:
- Avoid wasting money and time
- There is no point starting an unsuccessful business – it is much better to spend time investigating an idea and discovering that it will not work, than investing money and effort into a business that will fail!
- Set goals and develop strategies
- Having a plan helps you to determine the key things that you want to do with your enterprise and where you want to go with it.
- Run the business smoothly and make decisions
- Decision-making can be a tricky business in a new enterprise. A business plan sets out the running of the business clearly and shows who is responsible for certain decisions.
- Plan and organise your activities
- When you are setting up a business you may be keen to get started right away, and that’s great! However, making a plan will help you to decide what to do, when to do it and how it can and should be done.
- Measure your progress
- Taking time to plan will make it easier to measure your success once you get started – it can help you to figure out what you’re doing right, and what you’re doing wrong.
- Grow your business
- Successfully making a profit is one thing – but if you want your business to grow you’ll need a plan! A business plan is a primary requirement for seeking investment.
Without a detailed business plan you are likely to encounter many problems as you advance from planning your business to implementing it. Do your research, make a plan and stick to it, and you will thank yourself in the long run!
Remember: Fail to Plan = Plan to Fail!