Yes, You Do Need a Business Plan

Do you have a great idea for a new business? Are you ready to make it a reality immediately?

Pause for a minute; though it’s tempting to go full-steam ahead and just deal with things as they come your way, you’ll have a far greater chance of achieving success if you develop an actionable business plan.

A business plan provides your business with a sense of direction and is a helpful strategic tool. It typically projects three to five years into the future and contains both short term and long-term goals. As your business evolves, new factors may have to be included and some information may have to be adjusted; that’s to be expected. It’s best interpreted as a living document that acts as a guide for your business, but it’s not prescriptive if circumstances change.  

 It’s also an incredibly helpful document to have when trying to win over funders, as they can develop an understanding of how your business will perform. Ideally your business plan will include a significant amount of financial information so they have a sense of whether or not your business will be profitable.

Without the roadmap that a business plan provides you may find yourself floundering and unable to make decisions that would best benefit your business. You may not even know what you what you want to accomplish beyond a general sense that you want it to be a success. You may not be aware that your ‘great idea’ isn’t actually feasible. 

This puts you at a disadvantage. You need to be smart and strategic when it comes to your business decisions. If you don’t have a plan in place you’re liable to waste money on initiatives that aren’t financially beneficial, fail to set yourself up for success in the future, and/or fall short of your goals. For obvious reasons, this is an issue. Starting a business is a huge investment in terms of your money, time, and energy – you need to make sure it’s worth it.

Developing a plan that extends so far into the future can seem like a daunting task, but it’s a worthwhile activity. At Greg Evans, we can help you develop a business plan that will set you up for success. We’ll thoroughly plan all the strategically important areas of your business so you can start/grow your business with confidence and win over funders when the need arises. 

Given our area of expertise at Greg Evans – finances – we focus on making sure your business is feasible and appealing to funders. We know what the banks look for when they appraise your business plan and we can make sure they like what they see. You may lack experience in this area, which is good to keep in mind when you’re making the decision between hiring a professional and doing it yourself.

Picture this: you’ve made the decision to bring your business idea to life. You get professional help when developing your business plan, and the result is a clear document that provides insight into how you will obtain profits in the future. After displaying it to the bank you’re able to secure the funds you asked for. Since you have the document to refer back to as a guide, you’re able to stay on track and reach your goals. 

Sounds appealing, doesn’t it? We can make this your reality at Greg Evans. Schedule a free consultation at gregevans.ca or (705) 880-2224. It all starts with a conversation.