{"id":14430,"date":"2023-09-19T14:39:55","date_gmt":"2023-09-19T14:39:55","guid":{"rendered":"https:\/\/mysourcefunding.com\/start-a-business\/business-plans\/12-reasons-you-need-a-business-plan\/"},"modified":"2023-09-19T14:39:57","modified_gmt":"2023-09-19T14:39:57","slug":"12-reasons-you-need-a-business-plan","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=14430","title":{"rendered":"12 Reasons You Need a Business Plan"},"content":{"rendered":"
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Running a business can be unpredictable, which is why having a solid business plan as a foundation is vital to surviving and thriving in the early days of your startup. Eric Butow, CEO of online marketing ROI improvement firm Butow Communications Group, has teamed up with Entrepreneur Media to write the second edition of our best-selling book <\/span><\/span>Write Your Business Plan,<\/em> providing you with a roadmap for success. <\/span><\/span><\/p>\n

In the following excerpt, Butow explains how a well-thought-out plan can power your startup and help your vision come to life.<\/span><\/span><\/p>\n

Business plans could be considered cheap insurance. Just as many people don’t buy fire insurance on their homes and rely on good fortune to protect their investments, many successful business owners do not rely on written business plans but trust their own instincts. However, your business plan is more than insurance. It reflects your ideas, intuitions, instincts, and insights about your business and its future\u2014and provides the cheap insurance of testing them out before you are committed to a course of action. There are so many reasons to create a business plan, and chances are that more than one of the following will apply to your business.<\/p>\n

1. A plan helps you set specific objectives for managers.<\/strong><\/h2>\n

Good management requires setting specific objectives and then tracking and following up. As your business grows, you want to organize, plan, and communicate your business priorities better to your team and to you. Writing a plan gets everything clear in your head before you talk about it with your team.<\/p>\n

2. You can share your strategy, priorities, and plans with your spouse or partner.<\/strong><\/h2>\n

People in your personal life intersect with your business life, so shouldn’t they know what’s supposed to be happening?<\/p>\n<\/p>\n

Order Write Your Own Business Plan Now and Get 1 Month of Free Access to Business Planning Software Liveplan Premium<\/strong><\/p>\n