The Power Of Planning And How It Is Important In Business

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Starting a business can seem quite confusing and frustrating and that's why it is important that you actually make plans as it will save you unnecessary headaches and confusion. With a plan in place you know where you are going, where you want your business to be in a particular time period and what it will need to get there. This makes it easier to tune your time, effort and resources. It will save you from spending on unnecessary projects which won't help your business or yeild profits for your business. It will open your eyes better to see and understand how the market works, cash flow, competitions and all other factors regarding your business.

With a business plan , your efforts are more focused and less distracted. That's why it is crucial to the success of whatever business you intend to start as it will help you monitor your progress as you grow and expand your business. It is like a goal your business intends to achieve but they have to be realistic as well. With a plan in place you are challenged and syked to meet it and this keeps you on your toes and energized to reach them as soon as you can. This will help your business grow faster and it opens doors to bigger plans and bigger goals which makes the business grow bigger and better.

It also helps your business to be better prepared for the future, especially incase of unexpected crisis or economic downturn. When planning you create boxes of "what-if" and you put up plans to fill these boxes to protect your business. This will help reduce the shock your business could have faced from not planning and also reduce losses. It will help your business bounce back faster and easier unlike other businesses with no plan in place which may actually turn out to be a competitive edge.

It will also help you make better business decisions. Unlike doing things spontaneously which may actually reck your business, by planning you are able to weigh your options ahead of time to decide which would help your business better. When creating a business plan you are obligated to think deeply and on a bigger scale about every step and this will help prevent bad decisions that could waste resources and efforts.

Having a business plan is also important if you don't have capital and intend to go for a loan or seek investors. An investor will want to know how you intend to use his money and how you intend to double it as well but without a plan it makes you seem unprofessional and it will make getting a loan or investors impossible. Even if the investor was your father, he still wouldn't throw money just anywhere because you are his son or daughter and so you would need a convincing and mouthwatering plan. By planning you can better determine your capital and cash flow to determine how much your business will need to start running and stay in business.

The power or planning cannot be overemphasized enough because it is the map that leads your business to your desired destination.



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4 comments
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Yes, living randomly is a very bad thing. You must also put plans and alternative plans and put your goals in front of your eyes.

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Hi @valchiz, planning is the basis for identifying, organizing and prioritizing activities.
Planning decreases improvision and facilitates the execution of the work.
Regards

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