The creation of a business plan is often overlooked when it comes to business creation. Some people don’t believe one is needed unless you are trying to pitch your business ideas in the hopes of finding investors. The truth is, a business plan can be far more beneficial to a business owner (and employees) than just a sales pitch to potential funders. This blog post will highlight just some of the other benefits of a business plan that you may not have known about.
Keep Track of Milestones and Goals
A business plan is essentially planning, so, this also means planning for the future of your business. A business plan requires you to plot your business’s milestones and goals. Planning these will allow you to look back at your business plan in order to keep track of your business’s progress towards meeting those goals and milestones that was set out at the start of the business plan/business. Besides looking attractive to potential investors, the milestones and goals of your business plan can be used as your own roadmap, showing you your business’s route and projected trajectory, allowing you to make any necessary changes to ensure your business stays on the path you have chosen for it since creating your business goals.
Allocation of Time, Resources and Finances
In business, and in life for that matter, time is money. So, better preparation and management of that time is needed in order to get the most out of your business. It’s not just time that you get to plan for too, a business plan also lets you plot out business details such as resources and finances too. Allowing you to identify any issues or setbacks in your business so that you can tweak or fix these problems in order to get your business running smoothly once again.
Focus on your Vision and Mission
Every business is started with a purpose. Whether it is to supply fresh produce to grocery shops or to provide pest control services to your neighborhood, every business started with a vision and mission. A business plan can help you stay focused on this vision and mission of your business. It reminds you and your employees what needs to be done in order to achieve the expectations that were set out for the business. The benefits of sharing your business’s vision and mission is to let them know that you are all working together to achieve a common goal, and that every single one of them have a part to play in the success of the business. Letting your staff know this, will certainly be a morale booster.
Helm Market Consulting believes that South Africa and its people have an immense amount of business potential. It is this belief that inspired us to create an Entrepreneurial Business Plan Guide in order to assist the South African people and communities to come together in business and thrive off the rich land that we have. The coming together of South Africans is a key part of a word that we hold dear to us at HMC, and that word is Ubuntu.
The Entrepreneurial Business Plan Guide is available for a small fee of R100 and offers a step-by-step guide into the planning of your business journey.
*If you are part of an NGO or government initiative and you would like to make use of Helm Market Consulting’s Entrepreneurial Business Plan Guide for the betterment of South Africans, please contact us at firstname.lastname@example.org . Please note that proof of NGO and governmental status will be required.
Preolin Pillay, Managing Partner at Helm Market Consulting