Having a Business Plan Is the Key to Success
There are a lot of people out there in the business world today that are pushing a false narrative that you can create a successful and lasting business without any kind of business plan – but nothing could be further from the truth!
Sure, you might be able to get a business up and running in an afternoon (especially thanks to the power of inexpensive technology today). And yes, you may even be able to start selling products and services right off the bat as soon as that website or online presence goes live.
But you’ll never be able to create a business that lasts any longer than a few months with this kind of approach, especially once you start hitting those bumps in the road that every single business inevitably starts to bump into as they grow and the market matures.
Build a business plan first and everything gets a lot easier.
Keep it smart and keep it simple
At the same time, there’s absolutely no reason whatsoever to spend weeks and weeks building up a business plan that is going to outline and project what your business is going to look like and what your business is going to be doing in a years time, two years time, five years time, or 10 years time down the line.
The pace of business moves way too quickly for this kind of thinking, and truthfully you have absolutely no idea what your business is going to look like – even just a few weeks down the road – until you have shipped your first products or services.
Keep your business plan tight, keep your business plan simple, and keep your business plan smart so that it focuses your attention and gives you direction and you won’t have anything to worry about.
Continuously change things up
Your business plan should NEVER be a “dead document”, a static document that never ends up getting changed, transformed, or modified as your business changes, transforms, and adapts to the market and new challenges.
Your business plan should instead be very much alive, referred to and reformed on a regular basis, and strategically thought about at least once every year so that you can figure out what the next six months are going to look like.
This is the kind of plan that will act more as a blueprint for the months ahead, giving you plenty of time to think strategically about how you want your business to unfold while also giving you plenty of flexibility to change and adapt as necessary. Leverage like this is almost impossible to come by unless you’re planning strategically, and as a small business you’re going to be able to move and adapt much quicker to market changes than any of the big businesses out there with feet poured into cement.
True, you don’t need a traditional business plan to succeed these days – and some would even say that a traditional plan would be an impediment to your success, anyway. But you do need some kind of blueprint to follow or you’ll lurch this way and that, never really finding traction for success that you deserve.
Morris Edwards is a content writer at companyregistrationinsingapore.com.sg, he writes different topics like Importance of a Business Plan for Entrepreneurs, Top Habits Of Successful Entrepreneurs and all topics related to Business Registration and setting up company in Singapore.