The Benefits Of Business Planning
Andrew Jeffers | March 06, 2018
Is business planning essential to your business’ success?
Good question.
There’s an old saying that goes like this, “Failure to plan, plan to fail.” It has a lot of truth to it. A plan doesn't guarantee success, but it does contribute to it.
Let’s take a look at why is business planning an important part of your business’ growth.
Your goals need planning
How do you approach planning in your daily life?
Let’s say you want to take a trip to the Northern Territory, from Sydney.
There are a few things you need to think about first, right? Important things like:
Do you walk, take the train, bus, car or plane to your destination?
How many kilometres will you have to travel to reach your destination?
Will you travel during the day or during the night?
How much fuel will you need?
How much food will you need?
What medical and first aid equipment you’ll need?
What happens if you encounter a road block? Is there an alternate route you could take?
Once you have all the answers to your questions figured out, you can better prepare for your trip.
Having an end goal is great. You get to daydream about it and share it with your friends and family.
But, at the end of the day, unless you put things in place it’s going to remain only a dream. Achieving a goal requires regular, consistent planning and persistence.
The same goes with your business.
Your mission.
Your reason why.
A business will always work best if it has a plan.
Most of the times, being a business owner means you have to constantly be prepared for every single potential contingency along the way.
You might also be interested in: What is a key performance indicator? Why have them?
The benefits of business planning
Here’s one thing about your business planning - make plans, but be prepared to adapt them.
What are the benefits of having a structured plan for your business?
You’ll have a clearer picture of your business as a whole which will help you strategise better
You’ll be able to set your priorities straight which will give you an accurate perspective on your daily tasks
Tracking your performance will help you be accountable and responsible for every business decision you make.
Remember, your plans will most probably change along the way. But the important part is anticipating, preparing, planning and adapting to whatever will come along the way.
Are you ready to start planning your business plan?
Our specialists at Shuriken Consulting are happy to give you a hand. Get in touch with our experts below.
