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5 reasons why you should have a written business plan

For many business owners, producing a written business plan may not be at the top of your priority list. But, with research showing that businesses who have a written plan are more likely to succeed than those without one, maybe it should be.

Establishing a strategic plan that you can share with business partners, shareholders and potential investors has many benefits. Here are our top 5 reasons why you should have a written business plan.

1. To assess the feasibility of your venture

Whether you’re considering starting a brand new venture, or testing the market with a view to expanding your business, a written business plan will provide you the opportunity to assess the feasibility of your plan before you commit too much time or too many resources.

2. To support finance applications

A written business plan could help you to secure extra funding, or even attract new business partners. Presenting a written business plan to potential investors will help them feel confident that they will see a return on their investment.

3. To give your business direction

It’s easy to get lost in the day to day running of your business. Writing a business plan will help you to set goals and monitor your progress. Sharing your plan with stakeholders will give your business direction and ensure that you are pulling in the same direction

4. To reduce potential risks

Writing a business plan will provide you with the opportunity to investigate different scenarios  without putting your business in danger. A strong  business plan will give you the information that you need to make important decisions with confidence.

5. To monitor performance

Setting SMART (specific, measurable, achievable, relevant, time-based) objectives for your business will make it easy for you to monitor your performance. Whilst no plan should be set in stone, it is important to know which direction you’re heading so that you can keep on track.

So there you have it, 5 reasons why you should have a written business plan. We hope that you’ve found this article helpful – and you don’t have to do it alone! Our team of experts can assist with all aspects of your plan.

Find out more about our business planning services or get in touch to discuss your requirements in more detail.

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