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A Business Plan is the most important and often overlooked part of running or starting a business, expanding an existing business or obtaining finance for a business.  If a Business Plan is originated effectively, the success rate for the purpose of the plan rises exponentially, whether it is to start, expand or run a business, and / or obtain finance for the business. 

If a business plan is well thought out and developed, particularly using the guidance of good Business Planning Books, then it leaves less room for errors and failure. You cannot predict everything that will happen in a company's future, but a good business plan will help avoid many pitfalls and overcome obstacles and challenges as they arise. But most importantly, a good plan helps you see and create business opportunities. So when you do encounter business challenges, having that business plan in place and integrated in your business, provides you with a very effective platform and system to effectively deal with these challenges. Often, you can turn these challenges into opportunities by effectively managing them proactively.

Let’s start with the fundamental questions...Why have a Business Plan?  What can a Business Plan do for my company? 

A Business Plan helps you run a Business and is the roadmap to business success.  This is the primary reason for a Business Plan, as well as, using a Business Planning Book for direction. The plan should be initially scripted from this standpoint.  However, there are many other beneficial reasons for developing and implementing a business plan.  A Business Plan forces the various departments in your company to work together to implement a synergistic Strategic Plan. 

A well developed plan helps your Sales Team close more deals and provides them effective tools to use in the field with your customers.  A Business Plan helps your customers understand the direction your Company is taking, encouraging them to become “partners” in your business’ success.  Your Business Plan can help you solidify relationships with requisite suppliers, helping them to more effectively understand how to contribute to your Company’s growth.  A Business Plan can also effectively assist in obtaining the necessary finance to start or grow your Company.

Business Plan Uses

There are different Business Plan Books and formats and purposes for various circumstances and situations.  It is recommended to first develop a Comprehensive Business Plan to effectively and successfully run your Business, Venture or Projects.  Once the Comprehensive Business Plan is completed, you can take certain parts of the Plan to form other Business Plans for various purposes and situations, such as a Funding Business Plan for a Bank or Venture Capital Firm. 

External Uses of a Business Plan

• A Business Plan can update and educate outside parties (i.e. investors, shareholders, suppliers, customers, regulators, legislators, etc.) regarding the structure, organization, objectives, goals and performance of your Company. 
• A Business Plan can fix finance and investing to fund your Company. 
• Solidify your customer relationships making them true partners in your Company’s products and service tenders, innovation, research and development, and most importantly, your growth.
• A Business Plan provides your important suppliers insight into your Company so they can help you manage costs and raise growth.  A slight change in a supplier’s offering or terms can have a striking effect on your Company’s profitableness.

Internal Uses of a Business Plan

• Identifying the strengths and weaknesses of a company’s operating theater and likely problem areas. 
• Communicate effectively to Management and Employees clear expectations of a Company’s performance and priorities to ensure a coordinated execution of a Company’s Strategic Plan.
• Effective, Comprehensive Business Plans coordinates and assures consistency between a Company’s various divisions and departments to bring near the successful operation of the Company’s various units.
• A Business Plan provides a mechanism to measure a firm’s and individual’s performance.  It establishes a clear standard for determining whether real performance is good, bad or neutral.
• A Business Plan’s development process will educate and incite a Company’s employees. Management, Executives and Key People learn more about a Company’s Operation and the direct relationship of their areas of responsibility toward the attainment of a Company’s goals. The process solidifies your people’s commitment and motivation toward achieving the Company’s Strategic Plan.