10 Reasons why you need a business plan — Lionesses of Africa

by Ronel Jooste, CA(SA), Business & Financial Consultant, Speaker and Author of the award-winning book ‘Financially Fit and Wealthy’

A business plan is considered the most critical document for any business, whether you are starting a business or have an established business. There is a general perception that business plans are only required for funding purposes which is not true. A business plan provides the foundation layer of any business and can be effectively used for operational and strategic planning purposes. 

Here are 10 reasons why you need a business plan:

1. Like a financial plan, a solid business plan provides a strong foundation to both start-up and established businesses.

2. Helps to critically evaluate your business idea or existing business model, identify problem areas, and implement solutions.

3. Serves as a feasibility study whether your new business idea can turn into a profitable and sustainable business.

4. A business plan sets out how you operate your business, your sales and marketing strategy, your financial strategy and overall strategy and goals of the business.

5. Provides critical information for operational planning and strategic decision making.

6. Helps to truly understand the essence and vision of your business; identify growth opportunities and determine scalability.

7. A business plan provides the basis for a business proposal to present to potential clients, retailers etc. for new business opportunities.

8. When applying for funding most banks and funding providers require a business plan to determine the feasibility of your business concept and to determine whether your business can afford repaying the borrowed funds.

9. A business plan is your ‘sales pitch’ when you want to approach investors. Investors use the business plan to scrutinize your business and the potential of your business to decide whether it is a lucrative investment opportunity that can provide good returns on investment.

10. When you can no longer operate your business or want to sell it, a business plan is valuable to gain a thorough understanding of your business for the people taking over.

Spend time and effort compiling a business plan and you will reap the rewards for the rest of your business’ lifecycle. Once you have a business plan, it is important to review and update it annually or when there are changes in the business. 

All Lionesses qualify for a 10% discount on any business plan option. Use reference code “Lionesses” when placing your order. For more information, go to: https://financiallyfitlife.co.za/businessplan/