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Why do I really need a business plan?

When you're getting ready to start a company, you've usually got a lot of time and energy to put into the process. You're also anxious to get started and want to jump right in. But before you do, you need to have a business plan in place. But why is it so important to have a business plan before you get your feet wet, especially if you already have a handle on how your industry works?

Here's a quick overview of reasons:

  • It gives you direction and a strategy. What sector of the market are you going after? How will you accomplish that? What about the competition? How are you unique? A business plan helps you lay out how you'll go about the business of starting and running your company.

  • It helps you secure financing. If you're thinking about applying for a conventional business or SBA loan, many situations require you to have a business plan in place. Why? It shows that you've already got a direction in mind and an idea of your business income to repay the loan.

  • It provides an income projection. Your business will need to make a minimum amount every month to cover expenses, even if you're not going after financing and are using existing assets. Income projections help you decide on company structure, expenses and potential growth.

  • It helps you develop a marketing plan. How will you reach your prospective customers? What's the best way to grow interest in your company? How will you convert a prospect into a sale? A marketing plan helps you figure out the answers to these questions to grow your income.

  • It communicates your business strategy. Are you planning on having managers, working with business professionals or hiring workers? A business plan helps communicate an overview of your company. It conveys a broad overview with specific goals for your business' operation.

Whether you're starting, operating or closing a company, business planning provides you with the structure and focus you need to be able to operate successfully. If you need help developing a business plan, the experts at Accountrely are here to help. We've helped many companies develop dynamic business plans over the years and are more than happy to help you get your dream off the ground. Contact us today for more details.

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