Why would you need a business plan for an established business? Did you ever have one? Maybe things are just fine, business is great, and your business is making tons of money.
And very possibly, your business is doing the best it can already.
However..
what if it isn't? How will you know? Let us consider for a moment that your business could be better.
Without a thoughtful, honest and focused look at your business and the industry you are in, you may be missing opportunities.
Or you may not be aware of certain market indicators that would cause you to revisit your current way of doing things.
To be ahead of the game; "forewarned is forearmed" so to speak.
A business plan will bring all of the components of a successful business into focus.
You will have an excellent handle on market conditions, your competition, new methods, services or products within your industry, pricing information, potential new clients or customers, marketing and sales techniques, opportunities for new business relationships, revenue streams and much more.
For a start-up business, it will tell you whether your plans make economic sense and if a possibility for success exits.
It also becomes your roadmap to develop your business and will be the tool that helps convince lenders or equity partners to invest or reinvest in your venture.
Lenders of any type will not lend unless they know that you have thoroughly researched your business idea or expansion.
And even then, you had better be prepared to answer a lot of questions.
Of course, you knew that.
If you are buying a business, ask to see their business plan.
You need to see what they had in mind for the business and if they were on track.
You may be asked to sign a non-disclosure.
If after reviewing their plan, you choose to continue with the purchase process, write your own business plan, or hire someone to do it for you.
Make the purchase contingent, if you need to, but do not buy a business without a business plan of your own.
It could end up saving you quite a bit of money or making you a lot of money.
Either scenario is much better than losing your shirt.
And very possibly, your business is doing the best it can already.
However..
what if it isn't? How will you know? Let us consider for a moment that your business could be better.
Without a thoughtful, honest and focused look at your business and the industry you are in, you may be missing opportunities.
Or you may not be aware of certain market indicators that would cause you to revisit your current way of doing things.
To be ahead of the game; "forewarned is forearmed" so to speak.
A business plan will bring all of the components of a successful business into focus.
You will have an excellent handle on market conditions, your competition, new methods, services or products within your industry, pricing information, potential new clients or customers, marketing and sales techniques, opportunities for new business relationships, revenue streams and much more.
For a start-up business, it will tell you whether your plans make economic sense and if a possibility for success exits.
It also becomes your roadmap to develop your business and will be the tool that helps convince lenders or equity partners to invest or reinvest in your venture.
Lenders of any type will not lend unless they know that you have thoroughly researched your business idea or expansion.
And even then, you had better be prepared to answer a lot of questions.
Of course, you knew that.
If you are buying a business, ask to see their business plan.
You need to see what they had in mind for the business and if they were on track.
You may be asked to sign a non-disclosure.
If after reviewing their plan, you choose to continue with the purchase process, write your own business plan, or hire someone to do it for you.
Make the purchase contingent, if you need to, but do not buy a business without a business plan of your own.
It could end up saving you quite a bit of money or making you a lot of money.
Either scenario is much better than losing your shirt.