The importance of business plans [10 reasons]

 The debate continues about whether or not business plans are necessary. Some say they are not needed, yet in today's world, the functionality of the business plan cannot be eradicated. They have been used for various purposes; govern operations and funding are two of the main areas. 

The process allows the business owner to critically think about their business and then along with the writer/preparer of the document develop a document which cements these plans. 

If we were to look at 10 reasons for a business plan and the processes required well the following should help to make it clear. 

1. Good business plans are NOT cheap. You have to research the information that goes into the business plan and it needs to be current; not over a decade old. This was seen in many instances where people opted for cheaper plans and they didn't realize their objective and the client then had to seek additional help. Accessing the up-to-date information to go into the plan is expensive, they are prepared through studies done by individuals and institutions who fill that role. 
2. You can get technical assistance for preparing a business plan; some even provide total/partial funding to assist you in getting this process completed.
3. You need to work with your team to get a solid business plan done - Yes, your team should comprise an accountant, legal, financial advisor, operations, marketing, and your business advisory support. These are broad headings since your team may be larger when you drill down. 
4. Proper business structure - too many people are forming businesses without using the correct structure for their operation. Your business structure is key to your success, especially if you operate under the broad categories of for-profit/not-for-profit. 
5. The business plans, especially those seeking funding, will be scrutinized heavily by financiers. Don't try to sell heat with your financials, they will be converted using ratio analysis to see a more realistic picture than the currency's initial stories. 
6. Use assumptions that make sense. Telling someone that the market is a certain large size and that you can control 1% of that market as a segment is not as easy as one would initially think. You end up shooting yourself and your business in both legs when you cannot deliver. Your credibility is then shot and it seems like you are not competent to run such an operation. 
7. Understand money follows management. This is not a cliche. Have a solid management team in your planning complete with what their required roles entail. 
8. Due diligence will be done. Are you statutorily compliant? Is your reputation for treating staff well sound, do you pay your bills on time; these and others are questions that will be asked and answered. 
9. Is your business well thought out? 
10. Not all the money you pay for the business plan is for the vendor to keep, they have resources they have to pay for as well to ensure you get the best results for your plan. 

Also, consider getting your business model worked out. This enables you to enhance your performance within a competitive market. To get more information and access to resources, contact bladesandbladesconsultancy.com and learn what you need to do. We have teams that can help you. 

Getting into business, not into bed

 

One would imagine that business like most other things would have boundaries. However, when one gets to see close up what people in business have to experience, some revelations come out.

Within my practice, most of my clients tend to be female. We tend to meet either online, which I have been doing long before COVID, or in some public domain areas e.g. a Cafe.

Over time clients confide some things as they get to know you. One thing that comes out repeatedly are the qualities of professionalism, cordiality, my listening skills, my analytical acumen, and my knack for spotting solutions in business which are then developed to the clients' benefit.

There is another element that comes out. Why aren't other men, a generalization I believe, not like me. When I inquire as to what they mean; to put it subtly, they are constantly hit on with all types of propositions to help them advance their businesses, all they would have to do is......

Really?!? With all the Me Too movements going on people would still do that? Men, there was a time when we would be more discreet and not knock ourselves around. However this brazen behaviour is becoming far too common place, and it's not suited for developing strong businesses. Is this why businesses within the Caribbean have grown only so far and no farther? Not every situation needs to have a degree of carnality introduced to it.

In business, we should be seeking growth of the business; not of the notches in ones measurement device of how many people one beds. It almost seems so juvenile. People are out there writing "cheques" that their bodies can't cash. Sadly, for the females who embark on the experience(s) they are left disappointed.

Therefore I ask, are we getting into business or into bed. The rules are quite different, so are the outcomes. Not everyone needs to know what you are like under every circumstance. It's time for our standards to be raised.

Can we look at the following:
1. How to develop sustainable businesses
2. How to ensure they grow beyond one generation
3. Understanding and growing business through shareholders rather than bank loans when seeking funding for startups and expansions
4. Planning for retained earnings to grow the business experiences, not to purchase doodads.
5. To move beyond the realm of being self employed and become true businessmen and investors. Employing systems that causes round the clock growth.
6. Export and expansion to other countries outside of the country of origin for the entity.
7. Doing business in cross cultural, cross lingual environments harnessing the skills and abilities of many latent assets we have among our human capital that are currently untapped.

I'll stop here and if you feel inclined to provide feedback, you're welcome to do so. Today's the beginning of another week. Let's make it the beginning of new business experiences and environments.