Business Benefits of Business Planning

During our weekly meeting of #FemaleFounders, we discussed the importance and the purposes of having a business plan.

As in most things, there is never just one purpose we are pursuing but with a business plan, we are probably looking at two purposes:

1. Internal - to help us clarify and guide our focus.
2. External - to enable us to present information in a clear way to potential investors or funders.

There are many frameworks to guide our business planning process and during the session we discussed the #BusinessModelCanvas, a useful 'one-pager' overview of the key areas a business plan should cover.

Whatever framework you use, crafting a comprehensive business plan is a pivotal step for any aspiring entrepreneur, offering a roadmap to success and serving as a foundational document for future growth. For female founders, in particular, this process can be transformative, empowering us to navigate the business landscape with confidence and resilience.

Firstly, a well-structured business plan provides clarity of vision, helping female founders articulate goals, target audience, and unique value proposition. It serves as a tool for strategic decision-making and resource allocation, enabling us to anticipate challenges and seize opportunities effectively.

Moreover, a thoughtfully crafted business plan enhances credibility and facilitates access to funding and support networks, crucial for female entrepreneurs who may face additional barriers in accessing capital. It instills discipline and accountability, fostering a culture of professionalism and resilience essential for long-term success.

Here is a summary of the discussion with some essential tips:

1. Know Your Market: Conduct thorough market research to understand customer needs, industry trends, and potential competitors.
2. Set Realistic Goals: We discussed the importance of having a clear strategy, a sense of direction from which the tactics of how we achieve this are defined.
3. Build a Strong Support Network: Surround yourself with mentors, advisors, and fellow entrepreneurs who can provide guidance, support, and valuable insights.
4. Stay Flexible: Be open to adapting your business plan as circumstances evolve, seizing new opportunities and adjusting strategies as needed. No-one these days can have a plan for 3 - 5 years!

A few 'take-aways' from participants this morning:

" 1 - Persistence is Key

2 - When you are an entrepreneur you have to look at your business from the top as well - step out from the detailing part and being an helicopter is important"

"The process of going through business planning is as important as the end product. The thinking around the internal and external factors around running the business is very important"

Join our discussion next week by registering here: https://us02web.zoom.us/meeting/register/tZUvduGurjMjG9erK0Pr3CIImdGGLpav7KPc

Julie Wong Stacy H Hilary Price Jones