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Why You Need A Business Plan, Now

I don’t take interest in most surveys, but sometimes there are a few surveys that are really worth your while. Like this one, about business plan. In this post you will understand why you need a business plan.

The survey was significant to prove the importance of business plans to entrepreneurs. Simply put, those who finished their business plans were about twice as likely to successfully grow their business, get investment, or land a loan than those who didn’t. Read more.

Palo Alto software creates softwares for business plans to entrepreneurs and their startups. In the survey they were questioned about their businesses, goals, type of business, years in existence, and business planning. There were over 3000 respondents and it was quite clear to understand the fact that business plans made all the difference. Startups that had a business plan were much quicker to grow and establish their business. Also, with a solid business plan they greatly reduced their chances of failure.

Way before this survey, at a recent TiE (The Indus Entrepreneurs) workshop, successful entrepreneur Guy Kawasaki pointed out that Business Plans are almost the only point of consideration for any angel investor. And he was very frank to point out the fact that most “bozo’s” still don’t realize the power of a good business plan.

You Need A Business Plan

Here are some quick bullets about the key advantages of Business plans:

  • They help you conclude possible drawbacks of the business
  • SWOT Analysis
  • Business plans provide a decision-path to follow
  • Helps you in cash flow decisions

The “Plan As You Go” approach to business is just not effective in this dog-eat-dog business world, where a sudden turn of events could dry you out of all your cash reserves and put you out on the streets. Right from bloggers to huge corporates, everyone should go in for a business plan. After all, blogging too has become a business these days.

About Vivek Krishnan

I am the Founder-editor of Collegefallout.com. I started this blog in 2009, while in college with a lousy internet connection. Today this blog receives over 30,000 page views per month. As a person, I am a wanderer, dreamer and part-time pessimist.

7 comments

  1. Planning is very important and a must for every business in other to achieve the business goal and objective. If you fail to plan, you plan to fail, it is very important that every stage of business is planned for effective management.

  2. This is a great business advice article. It covers all the aspects, I am thinking to relocate my business soon using a professional company and seeking new challenges for better success.

    Regards/-
    Jason Webb

  3. Business plans serve as the compass of every business for it directs the company to the right track in reaching their business goals and objectives. With out it, a company is surely heading to nothing but failures. Every strategy and decisions that a company will undertake must be planned properly to reached optimum success. Very impressive business article you’ve got here pal. Two thumbs up!

  4. It’s very important for a business to have a business plan in order to attain the optimum success of their business. Likewise, business plan provides direction and goals to the company which they need to achieve at a specified time. Mostly of successful companies have an effective and well laid business plans.Very interesting post, thanks for sharing.

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