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Three Reasons Your Idea Must Have a Written Business Plan

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Growing Your Business

Three Reasons Your Idea Must Have a Written Business Plan

Three Reasons Your Idea Must Have a Written Business Plan

A business man with a compass

    Credit:The Gust Blog

Believe it or not, having a business idea creates some of the most positive feelings in the world – self-confidence, satisfaction, etc. However, positive feelings alone are not enough to keep a business alive. Successful entrepreneurs know and understand that having a business plan is non-optional and here are 3 reasons why they make sure it is written:

#1

It validates the business idea and reduces risk

A business plan helps to test the ‘innovativeness’, viability, and feasibility of your business idea. While writing it, you’ll get to properly define your target market, identify the most cost-effective marketing strategies, do a solid financial projection, and also understudy your competitors.

#2

It engages potential investors and partners

The interest of potential investors and partners cannot be sustained alone by a verbal rendition of your business idea. Presenting them with a well detailed business plan not only identifies you as a forward- thinking entrepreneur, it also helps them have a clear understanding of the ‘about’ of your business.

#3

It promote seamless and efficient management

A written business plan helps you to forecast and make feasible speculations about the problems and opportunities your business may have. For instance, being able to set your production goals, helps you to estimate its cost, the number of employees you’ll be needing, the best sales strategies, etc.

More than a blue print to translate your business idea into reality, a constantly revised business plan will help you to adapt to the ever-changing business trends and even earn you a handsome fee should you decide to exit the market.

Get your business plan written today… It’s non-optional!

Having a profitable business week!

For more entrepreneurial tips, ideas, advice, and news, follow us @bossmannigeria on Twitter, Facebook, and Instagram.

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