Any other business

Published

Why do you need a business plan?

1 Mins

Business plan

When you work on your own you still need a business plan. Why? Because it’s so easy to forget what you’re supposed to be doing.

A business plan is a written statement reminding you of the purpose of your business with clear statements of what you plan to do and what outcomes you expect. Write one for every project you undertake and have a general one with your objectives for the forthcoming year. If I am involving anyone else in the business plan, I give them a copy.

Ask yourself questions like: What are you going to create? Why are you creating it? How are you going to make money? What are you going to do to start off? And, most importantly, how will you measure your success?

Does a business plan need to be a long document? No.

Keep it short and to the point. If Winston Churchill wrote plans for the Second World War on the back of an envelope, you can write your business plan on a sheet of A4 paper.

If your business plan isn’t working out, create a new one. Do you think that business plans are a waste of time? Post your comment below. Or buy Jenner’s book from the Chasing My Invoice website.

Related articles The definition of an entrepreneur

Share this story

How to get more click-throughs from Google
Top five survival tips for SMEs
Send this to a friend