After watching the "Apprentice" and seeing Neil Clough's journey it must have been a devastating blow to hear the news that "you are the right man, with the wrong plan"
While Neil can be encouraged by his own performance, his influence, credibility and like ability and his ability to sell and be a stand out candidate it is a stark reminder for all of us, we can be the man or woman in the picture but unless our business idea is attractive and desired in the marketplace it won't stand the test of time.
5 reasons why your plan is essential.
1) To test the credibility of your business idea. Is the idea a desired requirement from the marketplace, is it a solution to people's problems or an improvement on a current product or service, is it cheaper, better, easier to use, Quicker etc
2) To give your new business the best possible chance of success. Helps you consider the pro's and Cons. Carrying out due diligence is paramount and will keep you from a lot of unnecessary heartache.
3) To secure funding .A bank for example wants to see a well developed and formed business plan to clearly see the professional and integral components of your business, they will see your business credibility.
4) To make business planning manageable and effective. Businesses naturally evolve, you need to review and establish new goals, monitor and evaluate company growth, the plan needs to be flexible as your business evolves.
5) To attract investors. Believe in your business, know your market.
Whether you want to showcase your business to venture capitalists, or attract angel investors, you need to have a solid business plan. A presentation may entice their interest, but they'll need a well-written document they can take away and study before they'll be prepared to make any investment commitment.