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Benefits of Having a Well Structured Business Plan

Abel Wealth
It was like a drama, when I wrote my first Business Plan in 2007. I was helped by the fuse of reading books, being an accounting student and huge appetite for owning a world-class Business.

Nigerians are known to be too straight forward in venturing into business, without having an indept knowledge or visibility study of the business.

This has led to a rapid collapse of businesses which would have thrive if proper knowledge and plans was keyed in.

I have written Tens of Business Plans and today I will share with you some key benefits of having a well strictured business plan.

First what is a business plan?

A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them.

It may also contain background information about the organization or team attempting to reach those goals. (Wikipedia)

WHAT WILL A BUSINESS PLAN DO FOR YOU?

1. shows that you’re serious about your business.

2. Help lenders and investors understand your business idea.

3. hows your predicted profits and income streams.

4. Remind yourself of your goals and priorities.

5. Assess whether your strategies are working.

6. Adapt to any new changes in your environment.

7. Make the most of new opportunities as they come your way.

8. Learn about your industry, market and competitors.

9. Write down exactly where you are in the market and where you're headed.

10. Identify challenges you may come across and work out strategies to avoid or overcome them

11. nderstand your business finances, including managing cash-flow.

12. Make sound business decisions that focus your activities, maximise your resources and give you a competitive edge.

In my next post, I will elaborate more on writing a good business plan.

ABEL WEALTH is Africa's Foremost Entrepreneur, Blogger, Writer, Designer and Business Start-up Coach. Connect him on edetabel@gmail.com

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