There seems to be a great deal of controversy in the business world regarding whether a written business plan should be created prior to launching your business. If you’re not seeking external support via financing, partnerships, or other forms, it is not expected or required. However, there are still significant benefits.

When most people hear the term “business plan”, they often think of a lengthy document packed with a lot of formal business language, research, numbers and appendices. However, the business plan doesn’t need to be long, particularly structured, or written with formal business language. It does, however, serve very important functions in preparing you for business success.

Before ever considering writing a business plan for any external purpose, there is a great benefit in writing a business plan for yourself. It provides a foundation for your business in two important regards:

The first function of the business planning process is to begin solidifying your idea while proving to yourself it is viable. This need not be as thorough as a traditional written plan but, it forces you to go through all the steps of the business planning process. It is a vital exercise to ensure you have considered all key aspects of your business idea.

The results or notes from this exercise do not need to be written in formal business language or in a formal format. However, it is advisable to work through your idea with an outside expert or business consultant. As a budding business owner, you are likely emotionally attached to your idea. Not only will a consultant provide an invaluable, objective set of eyes, they also allow you to gain insight from someone who has seen what it takes to build a truly successful business time and time again.

Two specific areas where it is especially helpful to seek outside expertise is market research and financial planning. Everyone’s background is different but, these two areas tend to be those that people struggle with the most. These also happen to be two of the most important sections where getting it wrong can make or break your business concept.

Once you have worked through the mechanics of your business and determined your idea is viable, you will have many detailed notes about how your business will run. This is essentially the start of your operating plan. This document can turn in to an ever-evolving, functional business plan that is useful for day to day management and planning. As in the initial planning phase, this doesn’t need to be formal but, it should be organized and easy to search and edit as needed.

Many key aspects of your plan will quickly evolve once your business becomes a reality. For instance, you will quickly learn if your initial financial projections are on track to be realized. If not, you’ll want to amend this section. As already mentioned, financial planning is one of the most important aspects of your business. As such, you may want to work with a professional to review and amend these as your business grows and evolves.

Further, when you consider how to grow your business, this will likely include reaching new markets or launching new products or services. When this occurs, it is also wise to spend some time working through the market research process again. It is about ensuring you know what makes your products or service different from competitors, who your target customers are, and how you will reach them.

At Smirnova Business Consulting, we can help you create the foundation including documenting key aspects such as market research and financial plans and projections. This gives you an adaptable plan with a solid foundation that will ensure your business is on the path to success.

Business plans aren’t just be for the outside world. Your business plan is your chance to get your business idea out of your head and onto paper. It is the chance to prove to yourself that it is a worthwhile idea. It becomes the first roadmap to reaching your business goals. It is flexible and can, and should, change as your business evolves.

There is nothing we love more than helping our clients realize their business dreams. We would be honored to help you work through any part of the business planning process. Whether you just want an outside expert to talk through your idea, you want someone to conduct your market research, or you need a finance professional to craft your financial projections, we’re ready to work with you. We are passionate about businesses of all sizes and at all stages but, our sweet spot is small businesses looking to grow or those that are in the early planning stages.