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What Are the Benefits of a Written Business Plan?

You have ideas in your head for what to do and, likely, have a website showcasing what you do and where you are going. You have a plan, but you may not have put it all together. A plan should be a concise document that realistically describes where you are today, where you want to be in the future, and how you plan to get there. You need it; customers want to know it; suppliers will respond to it. Creditors and shareholders want to know how they will be repaid. Your board of directors and advisors should influence it. Employees will be motivated and accelerate your growth when they understand the plan. When you sell the company, buyers will demand a plan.

The process of writing out a plan is an amazing way of helping your company focus its efforts on what matters most, and say, “NO!” to the many urgent distractions that come every day. To get a management team “on the same page,” talk, discuss and argue things through. You’ll find you have to address interpersonal issues to get people to talk and respect each other’s opinions and contributions. In the end, you’ll have a concise agreement everyone can and will support to grow your company.