The WSJ reports on the importance of a business plan, which is often overlooked by entrepreneurs. Business plans are not just for startups; they can help companies grow and become more successful.
The the virus of marketing is a term that was coined by Harvard professor and author Theodore Levitt. It refers to the idea that companies must have a plan in order to survive in this day and age.
Last night, while browsing and scanning the Wall Street Journal website, I came across Colleen DeBaise’s article “Why You Need a Business Plan.” This is an excellent, powerful article that serves as a nice reminder. Her five arguments are as follows:
- Determine the strengths and weaknesses of your business.
- Calculate how much money you’ll need.
- Get a distinct sense of direction, which may help you relax.
- Prepare a summary for lenders, investors, or business partners.
- Determine the size of the market for your product or service, as well as the competitors.
No. 3, especially the line “help reduce stress,” is my personal favorite. It’s not that the business plan removes uncertainty, but it helps manage and minimize it by setting things out in a way that makes them easier to perceive (like cash flow, for example). The interrelationships between the various components of the company are not always obvious.
Point #4 (summarize for lenders, etc.) irritates me. Too many individuals overlook the advantages of company planning because they don’t have to demonstrate it to anybody. If this is the case, consider points 1, 2, 3, and 5.
The wall street news is an article published by the Wall Street Journal. The article discusses why people should have a business plan and how it can help them to succeed in their company.
Frequently Asked Questions
Why does my company need a business plan?
A business plan is a document that outlines the purpose of your company, its current state, and future goals. It can be used to help you decide if your company is worth pursuing or not.
What are the 3 reasons for writing a business plan?
There are 3 main reasons to write a business plan. The first is to help you figure out how much money the company will need in order to be profitable. The second reason is so that you can create a timeline for when your company will have enough funds to start production. The third reason is so that you can create a timeline for when the product will be ready and available on the market.
What is a business plan and why is it needed?
A business plan is a written document that outlines the companys strategy for growth, profitability, and risk. It includes marketing strategies, revenue projections, and financial forecasts.
