Searching for a new partner or co-founderР”Р„ttracting, hiring, and retaining top talentР”В®xperiencing slow growth and need a change ItРІР‚в„ўs also smart to write a business plan when youРІР‚в„ўre: Over the long term, itРІР‚в„ўll keep you focused on what needs to be accomplished. When do you need a business plan?Р”В«efore you leave a nine-to-five income, your business plan can tell you if youРІР‚в„ўre ready. Investors want to know you have product-market fit, a solid team in place, and scalability-which is the ability to grow sales volume without proportional growth in headcount and fixed costs. The majority of venture capitalists (VCs) and all banking institutions will not invest in a startup or small business without a solid, written plan.

Templated business plans give investors a blueprint of what to expect from your company and tell them about you as an entrepreneur. It also helps you attract talent and investors.Р”В«ut, bear in mind, a business idea or business concept is not a plan. It communicates who you are, what you plan to do, and how you plan to do it. What is a business plan?Р”Р„ business plan is a comprehensive roadmap for your small businessРІР‚в„ў growth and development. Even better-if youРІР‚в„ўre pressed for time-weРІР‚в„ўve compiled the 10 steps and examples into a downloadable (PDF) template: In this post, weРІР‚в„ўll cover everything you need to write a successful business plan, step-by-step, and turn your idea into a reality. Perhaps the strongest evidence comes from the Journal of Business VenturingРІР‚в„ўs РІР‚Сљmeta-analysisРІР‚Сњ of 46 separate studies on 11,046 organizations: РІР‚СљOur findings confirm that business planning increases the performance of both new and established small firms.РІР‚Сњ Owners with business plans are 2x more likely to grow, get investments, or secure loans than those without.Р”В®ntrepreneurs with a plan have a 129% increased likelihood of growing beyond the startup phase and a 260% increased likelihood of growing from РІР‚СљideaРІР‚Сњ to РІР‚Сљnew business.РІР‚Сњ HereРІР‚в„ўs what they found:Р”В«usinesses with a business plan grow 30% faster than those without. ItРІР‚в„ўs more than the old cliche, РІР‚СљA failure to plan is a plan to fail.РІР‚Сњ In fact, a wealth of data now exists on the difference a written business plan makes, especially for small or growing companies.Р”В«plans worked with the University of Oregon to compile and analyze research around the benefits of business planning. Another 1 in 10 arenРІР‚в„ўt sure if they need a plan. And yet, more than 1 in 10 prospective business owners said they do not intend to write a business plan.

Business plan pro 11