Top reasons to have a business plan

January 17, 2013

Running a business can be complicated but there are several ways to make your business more successful. A business plan can be very beneficial for companies as it can help set the tone of the business as well as establish the company's brand.

Businesses should think about creating a business plan to help identify their current and future business needs. While business plans are often required for obtaining a loan or venture capital, all companies can benefit from having a business plan. Below are the top reasons why companies should consider having a business plan:

  • Clarity: business plans can help a company think about what their needs are and where they what they want the company to become in the future.
  • Market: business plans can help a company understand their market and help them examine when they need to revise their business goals to fit a changing market.
  • Organization: business plans can help a company stay organized as well as help with expense projections and revenue forecasts.
  • Accountability: business plans can help everyone in the business understand the company's vision and responsibilities.
  • Message: business plans can create a clear message for your company and help create a realistic three to five year plan.

A business plan can become an essential and valuable tool for any company. Businesses thinking about creating a business plan should consult a business law attorney to discuss their specific issues that need to be addressed and considered when creating a business plan.

Source: Small Business Trends, "10 Reasons Why You Should Write A Business Plan," Jan. 13, 2013