The importance of having a solid Business Plan

Every business needs a business plan, a plan to capitalize on expected and unexpected opportunities and deal with future obstacles. Every business—whether it’s a start-up, an expansion of an existing firm, a spin-off from a parent corporation or even a project within a company’s marketing department or a new products department—needs a guide to navigate successfully through its own unique competitive environment.

Preparing a business plan is part of the process of preparing for a business. A business plan is not simply a document that’s written quickly, passed around once and then relegated to some dusty shelf. It’s not a slightly modified version of a standard template drawn from a how-to book or an Internet site.

Preparing a business plan is an intensely focused activity. It’s an activity that requires honest thinking about your business concept, the business opportunity, the competitive landscape, the keys to success and the people who will be involved.

You’ll find that your analysis results in more questions than answers, and so the next step in the process is to do the research to answer these questions. Writing the business plan is the final step in the arduous process of preparing the business plan and preparing the business plan is only one stage—though a critical stage—in developing a healthy, thriving business enterprise.