Is business plan a must-to-have?

Updated: Jun 5

Some might argue it is not necessary to have a business plan to start a business, because people do run a successful business without one. I'll say, define "successful" please.

Plus, all business owners do business planning which may not be summarised into some formal writing, but they do plan ahead.

The truth is, more than often, you will find that in this not-yet-perfect world we are living in, a business plan is still considered very important, sometimes vital, to the success of a business.

A business plan is a written document that lays out in detail how a business defines its objectives and how it is set to achieve its goals. It usually includes an executive summary, products or services, marketing strategy and analysis, and financial projection.

To begin with, the process of writing helps you conceptualise, analyse and concretise a business idea. Once the adventure is set out, the plan serves as a guide (at least for a given period of time) for all following actions and activities that are tailored to achieve its goals.

No matter if you are:

👩‍💼 an individual who may or may not have a job but is thinking about start his or her own business;

👩‍🎓 a business school student and is given an assignment to pitch his or her business idea to a panel or;

👨 a project manager who is trying to work out a new vertical to boost growth of a company.

First timer or business veteran, as a business owner, you will benefit from writing a business plan because:

🎯 It will help you focus on your goals, and keep you from falling off the track while moving forward;

💹 It drives you to conduct extensive market research to understand where you stand and how you can stand out, and;

🔎 It gives you an opportunity to contemplate your environment, abilities and resources to better evaluate the potential of your idea.

Next, don't forget about investors who will assess, through your plan, that if you are trustworthy or not as a business owner. Your well done legwork in the planning stages can be a strong indicator of the success that may follow. Especially when acquiring funds from banks, a business plan is a must before you can have any meaningful conversations with them.

Then, what about partners and talents? A business cannot strive without supportive partners and talents. But to attract them to work with you along the journey, you will need to make sure your vision is well understood and shared among them. It takes more efforts than just talking about it with them. A written plan is the best way to demonstrate your seriousness and commitment.

And finally, is that it? Just one plan, once for all? Well, not really, as you will need to present it to so many different group of people (we will talk about this later), and possibly write a new plan to adapt changing environment (just imagine if you started writing a business plan in January 2020, then in two months time, everything would have changed, completely).

So back to the question of do you really need a business plan, the answer is yes, you do and very likely more than just one.

Don't worry if you have no clue of where to start. Faicliq provides you with a business platform where entrepreneurs are guided to transform their idea into business plan. From product concept to market research, from cost calculation to revenue projection, you do not have to be Excel/Powerpoint savvy to create a business blueprint.

And it does not stop there. We can also pair you with talents who render professional services for 🚀🚀🚀 boosting growth of your business.