
Perhaps, plenty questions that still puzzle you about the reasons to have a business plan, and more importantly, the feasibility of a business plan.
Why business plan for SME (small- and medium enterprises)?
At GE Consult, our business plan consultants have helped many local and
overseas entrepreneurs, CEOs and business owners to create their business
plans. The latter serve as roadmaps that provide the overall business
directions while precisely chronicling the entire budgets, operational flows
and sets of business objectives.
There are so many good reasons for SME to create a business
plan, we observed at GE Consult. Let’s consider a change with us here revealing
the most important reasons you really need a business plan.
#1 Reason : To Determine and Share Your Business Directions
A good business plan helps you determine your business
directions, and providing guidance to your shareholders and stakeholders
through sets of business objectives in short-,medium- and long-term basis.
I believe you already know the
obvious most important reason after reading the #1 reason above. That said, a
good management requires setting a company direction with very specific
departmental or divisional business objectives for periodic performance
tracking and reporting. Frankly, I’m so surprise that how many existing SMEs
manage their businesses without a plan, without a clear direction, without
business objectives and so on, within a given period.
I can only imagine if the entire 11 football players went to
the field and played their “own ways” without the coach’s directional strategy.
#2 Reason : To Grow Your Business
Establishing a sound strategy with proper resources
allocation is imperative. Resource is scarce, whether a start-up or existing
business needs appropriate budgeting to cater various strategic priorities. Buy
or rent decision is an excellent example to illustrate, the choice between buying
an office or renting one is among biggest financial decisions that
entrepreneurs make. Ask yourself how do you begin with the more varied costs of
buying an office than for renting, which is a better deal? How would you do to
justify the increased fixed costs? Would you consider pursuing on variable
costs instead? Shouldn’t the decision be in your business plan?
#3 Reason : To Seek Funding
for Your Business
If you are seeking funding for your business, whether it is
a start-up or an existing one, all investors, venture capitalists, lenders or
bankers require a formal business plan for them to decide. In order to attract
such funding, a well-rounded business plan will provide them valuable insights
into your venture, of course, all investment criteria ought to be achieved.
***
About GE Consult
Founded since 2003, GE Consult has helped
numerous local SMEs/SMIs in developing their company profiles, business plans,
business proposals etc. assisted clients in securing business deals and
contracts. If you are looking for a winning company profile or any professional
services, please do not hesitate to contact us at (+6017) 330 8077 and/or email
rachel@geconsult.org for further service explanation.
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