Last week, I called a few of my business friends and clients to find out if their business plans for next year were ready. I was stunned that out of 11 none had even a written simple marketing and sales plan, yet they looked forward to selling more next year.
There is no doubt business plan is one of the most loathed activities among most traders. It is actually regarded as unnecessary document and is only prepared to suit the interest of a lender or potential partner when demanded.
Well, whereas the process of making a business plan is not pleasant, its benefits are innumerable. Study after study shows a direct correlation between a written business plan and business success.
First, a business plan forces you to build good habits such as budgeting, thinking ahead, putting your thoughts on paper and involving or at least thinking of the participatory roles of others within and without your team.