Reluctant to write a business plan? If so, it is not unusual because many entrepreneurs decide they either do not want to take the time to write a business plan now, or they are uncomfortable doing so. There is growing advice on the internet from young advisors that say start a business first and then write a business plan, or write a two-page business plan that is short and sweet. This is not good advice.
Don’t Become a Failure Statistic
The reality is that the businesses without business plans are not likely to find investors, but they are likely to become a statistic. According to the Small Business Administration, only about half of all new businesses will still be operating beyond five years. Only one-third will still be in business longer than 10 years.
No one starts a business expecting to fail, but the chances of failure are higher when there is no business plan. Why? The answer is that each section of the business plan addresses the critical business success factors. It is a methodical approach to considering the elements required to open and operate a well-planned business enterprise.
Counting the Reasons
Write a business plan now because:
• The business mission is developed in concise terms and becomes the foundation of all future decision-making
• The management evaluates experience and expertise in relationship to the type of business started
• Staffing requirements are evaluated based on specific needs and the full costs of salaries and benefits are calculated
• The market is analyzed in terms of needs, competition, industry growth, and trends, giving the business owner the facts needed to successfully compete
• The business model and operational plan are developed, forcing the entrepreneur to consider elements of day-to-day functioning and long-term sustainability
• Customers are specifically identified based on demographic research
• The financial projections are developed for a five-year period, the same timeframe for potential failure
• Operating funds that are needed to stay in business until profitability is reached are identified, along with the most likely investors
If the business has already started without a business plan, it is still time to write a business plan now. Entrepreneurs who need help developing this critical document should contact OGS Capital, experts in business plan writing. Experienced business people understand the difficulties many people have in writing a quality customized business plan. They are ready to make the process efficient, timely and productive.
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Illustrative business plan samples
OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.