{"id":41476,"date":"2021-09-20T09:15:49","date_gmt":"2021-09-20T09:15:49","guid":{"rendered":"https:\/\/www.msmehub.org\/?p=41476"},"modified":"2022-01-28T21:17:44","modified_gmt":"2022-01-28T21:17:44","slug":"why-you-need-a-business-plan","status":"publish","type":"post","link":"https:\/\/msmehub.org\/staging\/6671\/why-you-need-a-business-plan\/","title":{"rendered":"Why You Need a Business Plan"},"content":{"rendered":"<p>&#8220;By failing to plan, you are planning to fail.\u2019\u2019 (Benjamin Franklin, Inventor, and Businessman)<\/p>\n<p>As a budding entrepreneur, the need for a well-written plan that communicates your intentions to internal and external stakeholders cannot be over-emphasized.<\/p>\n<p>The purposes of a business plan include:<\/p>\n<ul>\n<li>A business plan describes the venture you will create to exploit an idea or concept.<\/li>\n<li>A\u00a0business plan\u00a0is a written document that describes in detail how the\u00a0business is going to achieve its goals.<\/li>\n<li>A\u00a0business plan\u00a0lays out a written plan\u00a0from an operational, marketing, and financial viewpoint.<\/li>\n<li>It serves as an action plan, road map, fundraising, and sales tool.<\/li>\n<\/ul>\n<p>Common mistakes in writing a business plan include:<\/p>\n<ul>\n<li>Vague value proposition \u2013 mostly existing ideas<\/li>\n<li>Difficulty laying out the operationalization of idea<\/li>\n<li>Extremely optimistic financial projections \u2013 no sensitivity analysis<\/li>\n<li>Improper definition of your market<\/li>\n<li>Inability to identify risks and possible mitigation<\/li>\n<\/ul>\n<p>A bankable business plan should have the following critical elements:<\/p>\n<ul>\n<li>The Company Overview<\/li>\n<li>The Marketing Plan<\/li>\n<li>The Operations Plan<\/li>\n<li>The Financial Plan<\/li>\n<\/ul>\n<p>In our next post, we will explore each of these critical elements in further detail.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;By failing to plan, you are planning to fail.\u2019\u2019 (Benjamin Franklin, Inventor, and Businessman) As a budding entrepreneur, the need for a well-written plan that communicates your intentions to internal and external stakeholders cannot be over-emphasized. The purposes of a business plan include: A business plan describes the venture you will create to exploit an idea or concept. A\u00a0business plan\u00a0is a written document that describes in detail how the\u00a0business is going to achieve its goals. A\u00a0business plan\u00a0lays out a written plan\u00a0from an operational, marketing, and financial viewpoint. It serves as an action plan, road map, fundraising, and sales tool. Common mistakes in writing a business plan include: Vague value proposition \u2013 mostly existing ideas Difficulty laying out the operationalization of idea Extremely optimistic financial projections \u2013 no sensitivity analysis Improper definition of your market Inability to identify risks and possible mitigation A bankable business plan should have the following critical elements: The Company Overview The Marketing Plan The Operations Plan The Financial Plan In our next post, we will explore each of these critical elements in further detail.<\/p>\n","protected":false},"author":1216,"featured_media":41488,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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