Ep. 2 This is my fifth year in business and I'm still in my "Building Season" because there are some things in my business plan that have to be re-worked or eliminated to stay profitable. Thankfully I have Rumella Cameron, CEO & Founder of Converse Business Solutions LLC to help us navigate it all.
A business plan is a written document that describes your business idea, your goals, your strategies, your market analysis, your financial projections and your operational plan. It’s not just a document that you create once and forget about it. It’s a living document that you update and revise as your business evolves and grows.
3 Reasons Why You Need a Business Plan:
A business plan helps you validate your business idea. It forces you to do your research and test your assumptions. It helps you identify your target market, your unique selling proposition, your competitive advantage and your potential challenges. It also helps you estimate how much money you need to start and run your business, and how much revenue you can expect to generate.
A business plan helps you secure funding. Whether you’re looking for a bank loan, an angel investor, a venture capitalist or a crowdfunding campaign, you need to show them that you have a viable and profitable business idea. A business plan provides them with the information they need to evaluate your business opportunity and decide whether to invest in it or not.
A business plan helps you set and communicate goals. A business plan gives you a clear direction and a roadmap for achieving your objectives. It helps you prioritize your tasks, allocate your resources, measure your progress and adjust your strategies as needed. It also helps you communicate your vision and mission to your team members, partners, customers and stakeholders.
A business plan is not just a nice-to-have document; it’s a must-have document for any serious entrepreneur who wants to start and grow a successful business.
If you need help with writing or updating your business plan, I have some good news for you. Conversance has created a free template that you can download via the resource link below.
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