In any endeavour you undertake most especially business, you must properly plan for it AKA have a business plan prior to starting the business. If you are running your business currently without a
business plan, there is danger of it failing. Prior planning before you undertake any endeavour will lead to its success more than anything else. To define a prior plan, it simply means preceding steps with details of timing and resources, used to achieve an objective. There are several advantages to proper prior planning for your business. Here are some reasons why you should consider it.
First, the planning process forces you to organize your thinking and identify all the key issues that must be dealt with if you are ultimately going to be successful. Take for instance the corona pandemic that is engulfing the world and affecting businesses. While not many saw this coming, some business owners who have made space for contingencies in their business plans might just be able to pull through. They just need to revisit or make changes to their plans.
Second, thinking through what you must do to accomplish your goals enables you to plan your actions carefully before you begin, thereby saving you enormous cost in time, people, and money when you start.
Third, a good plan, thoroughly discussed and evaluated, enables you to identify flaws and errors that could prove fatal to your business later on. It thus enables you to ask; what if questions. For example, what are the worst possible things that could happen if you were to take a particular course of action, say sack an employee or take a loan?
The fourth benefit of proper prior planning is that it enables you to identify weaknesses in your plan and make provisions to compensate for those weaknesses. Often you can identify a fatal flaw; that would lead to the failure of the enterprise. This is only possible by going through a planning process.
Fifth, planning enables you to identify strengths and potential opportunities that you can take advantage of to increase the likelihood of success. Often, you will be unaware of your particular strengths or the opportunities that exist in the strengths or the opportunities that exist in the situation before you go through the planning process.
The sixth benefit of planning is that it enables you to focus your time and money and concentrate all of your resources on the one or two objectives that you must achieve to make your business enterprise successful. In the absence of clear focus and concentration, you will tend to spread your energies over a wide area and accomplish very little.
The seventh benefit of proper prior planning is that it will inevitably save you hours, weeks, and months of confusion, mistakes, and losses of both money and energy.
It’s a good thing to start off with a plan. With the situation of businesses around the world, right now would be a great time to re-strategise on your plans and business goals. like John Galsworthy would say, “if you don’t think about the future, you cannot have one. ”
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