Importance of Business Plan
For any businessman, it is important that you are aware about the need for business plan. Business planning can serve as your guide to your whole business process. There are those people that misinterpret business planning as something that is needed when a company needs a bank loan or looking for something that is related.
Actually business planning is an important part of business function. Success might be difficult to achieve if you don’t have proper planning.
Business planning is an everyday part of operation of any company. The truth is business environment is ever changing. You can’t plan for an annual budget and leave it at that for the whole year. There is a need to update it once in awhile especially forecast as well as strategies. It is recommended that you do it once every three months.
The business plan is a document that is created to actually help save your business a lot of money. This can be done in a number of ways. The number of reason is that it can help you in reducing your expenses. The first thing to do is budgeting. Use an excel sheet to show how much you spend last year then add a column that will give a forecast on your expenditure for the next year. You can be able to reduce cost in some aspect of your business. One way to reduce your expenses is changing your vendors. We can have problems of pay bills and sometimes we pay more than what we need to. There are different categories to be considered such as shipping cost, insurance, bank service and more. You can do your research that can lead to saving a lot of money. However, you need to make the effort of researching these savings.
A planning process that is meticulous can help you discover new revenue stream for the years to come. It is best if you plan a meeting with your team to help you brainstorm for new ideas for products and services that you can offer. Oftentimes there are companies that underestimate some assets of their companies. They overlook the skills of their managers and employees. The best thing about it is that these assets are ready to be deployed. It is best to utilized it without really adding extra money. It is best to encourage your workers to contribute their ideas. This can save the company and can also increase its revenue. It is better to reward your employees that can suggest some ideas.
Planning also gives you the perspective on how your company looks like side by side with your competition. Remember that the battleground is ever changing. It is best to be aware of how each products and services are priced as compared to your competition. It is best if you are about consumer’s view of every product and services sold in the market. You wouldn’t be aware of this not unless you do research or survey.
Planning can also help you to examine your business strategies. It can help in knowing what will work out and what need to be improved in the coming year. This could serve as an eye opening for your management. The success of your business is requires striving that can help you in doing this efficiently. This can help you improve your product and services especially if you want to be ahead of your competition.
23 Comments
- i am ravi gupta and initially when a person thinks of as an entrepreneur he needs a business plan which can provide him full comfort and he should feel compatible with it. business plan should make him go in the right direction, where he should feel perfect with his investments.
- hi I want to open a shoe manufacturing business but I have no business plan with me please if will u have any suggestion to me please take action as early as possible. (subrata dey)
- i want start a chappal making factory, i want to know what are the basic requirements to start this business, how to get the loan, best place to locate it. from hyderabad
- hi i will like to open a shoe factory in namibia and i need some help on the business plan and also how to start this
- I am going to start a shoe making business in Sri Lanka. i create designs and buy only shoe sole and leather from wholesale market and making shoes.
- I want to start a small shoe factory at agra. Please let me know about the initial plan implementation.
- Hi I want to start shoe and leather goods manufacturing in Modimong village of Taung Northwest province. I want you to help me to develop a business plan. And help me to network with big companies. I thank you
- i will like to open a shoe makes factory in pakistan and city name lahore and i need some help on the business plan and also how to start this easily because i have most famous designs and i have already setup for this in my factory.for more information :923234507858 or my EMAIL:rj.shan125@yahoo.com
- Sir my name is saif ali and i want to open business flip flop factory. so please give me your expert suggestion me. how to make a large business in this filed. bcoz this is my dream.. how to make a planning business.. i am waiting sir please inform me.. Saif ali, Rohni sector 5 New delhi
- My name is Eze am from Enugu state in Nigeria I want u to guide me with a good business plan I want to start a school sandals production and also companies that could help me with production machines thanks
- Hi my name is khaja I want to establish call center pls advise me what to do next I arranged all hardware requirement pc telephone setup and planning to purchase call center software etc. After that how would I get business what should I do now how can I will get client to do support what are the procedure.
- Sir, I want to manufacture low cost safety shoe for labor(construction industry), because they are not use branded safety shoe. So there is lowest competition than others, So i want to manufacture low cost safety show making factory in and around kolkata, westbengal. But I need some help from you regarding how much area is required? Where i will get raw materials? How much money is required for develop this? Can I get any bank support? Please help me.
- sir, I want to start a small radiator service center,I am not sure on the basic legal requirements (gov). what should i do now?can u help me with this?
- i have a shoe factory already but it's not that profitable may be it's due to lack of proper business plan, please help me out.
- I wanted a shoes factory business started in bhubaneswar
- Can you help me with a sample business plan for a shoe factory.
- I am Mechanical Engineer, want to set a sports and school shoes manufacturing unit in India( Near Chandigardh). I need your valuable suggestions about total initial investment and its business plan. Kindly send me this on sharmayog89@gmail.com. Thanks
- Shoes manufacturing in Haiti, Port-Au-Prince
- Hi sir am also start shoe upper jobwork small unit. I have manpower and machine sourcing. But who has come don't support this field . Already try to shoe upper orders . any orders pls give me support me.. thanks. Suresh .
- Hi, I'm PRIYA from Surat, Gujarat. I want to start a factory (manufacturing) of women footwear in Surat, Gujarat. Kindly guide me further.
- hi i am murad from bikaner ,rajesthan. i want to start a small manufacturing unit of shoes and footwear. kindly guide about cost, raw material, tax in rajesthan. thanks
- Hello, I need to start sport shoe manufacturing factory in pune , please guide me about total initial cost required, where can i get machinery with minimum cost having good quality etc.
- I want to develop my existing aviation parts business in UAE, PLEASE GIVE YOUR IDEA TO BRING MORE VALUE TO THE BUSINESS ; HUSSAINIJAZ27@LIVE.COM
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