When starting a business or a start-up you must have a clear vision of your purpose and goals. The best way to do this is through a business plan: a written, organized layout for how you want your business to start, perform and excel. Washington State University has created a infographic below on where you learn the essentials for creating a great business plan.
Although as stated, 27% of small business have never had a business plan but for a long term and to run a successful business one must. Though at first you must figure out why you need business plan anyway – are you searching for investors? or applying for business loan or making improvements in your existing business.
The infographic below, analyzed and depicts some major questions that aspiring business or start-up founders/CEOs must consider and raise questions to themselves like – what problem is my business going to solve, what’s my company’s mission, and what do we do better than anyone else in the market?
The infographic answers quite a few simple questions that will ease out your efforts making a successful business plan and execute it. Business without a plan is quite a risky approach to you ideas, market and revenues.
Notably, 64% of surveyed business owners with a business plan subsequently grew their business whereas 43% of those without a business plan could seldom say the same.