The time you invest in your business plan will pay off many times over.
Following are some of the most obvious benefits you’ll gain from business
planning:
1. A clear statement of your business mission and vision
2. A set of values that can help you steer your business through times of
trouble
3. A description of your business model, or how you plan to make money
and stay in business
4. A blueprint you can use to focus your energy and keep your company on
track
5. A clear-eyed analysis of your industry, including opportunities and
threats
6. A portrait of your potential customers and their buying behaviors
A rundown of your major competitors and your strategies for facing
them
7. An honest assessment of your company’s strengths and weaknesses
8. A road map and timetable for achieving your goals and objectives
9. A description of the products and services you offer
10. An explanation of your marketing strategies
11. An analysis of your revenues, costs, and projected profits
12. An action plan that anticipates potential detours or hurdles you may
encounter
13. Benchmarks you can use to track your performance and make mid-
course corrections
14. A “handbook” for new employees describing who you are and what your
company is all about
15. A “résumé” you can use to introduce your business to suppliers, ven-
dors, lenders, and others