Many people desire to start a business, but starting a business of your own is not as easy as it seems to be. Many people have ventured into business and failed, many people have tried different businesses and failed but few have tried and succeeded. Why do people fail in business most times? Why is it that two people can be doing the same business one will do well while the other will fail woefully, there have been many hacks and rules about businesses, and many articles have been written on *business* *growth*, but many people are still failing in business, why is this so? There’s one thing that has led to business failure, one thing that many businesses that failed didn’t do right and that thing is called BUSINESS PLANNING. You see this concept of business planning covers lots of things, it’s not just writing plans and all that, for any business to survive the intense competition of today’s market it must have a plan, a business plan is very vital for success of any business. It is what differentiates a business that will be successful from one that wouldn’t. Every business you see that has stood the test of time was started with a plan, business planning is like setting your business on a course, setting it in motion with a clear view of where you want it to be in the next few years. Many businesses do not pass the 5 years benchmark, meaning that they fail before they reach 5 years in existence, the reason is that the plan wasn’t done well, when there’s little or no business plan the business is sure to suffer and in the long run it will fail
What is a business plan?
A business plan is the systematic thinking, planning, and execution of a business idea. Business planning involves research that cuts across multiple industries. A business plan is a bedrock for every business. For a business to be successful there must be a plan attached to it. When there’s no business plan the business is bound to fail. When we talk of research in business, many business owners just focus on how much it will cost to start and run a business, yes this part is important but there’s something much more important than this and it is your customersAny research that doesn’t revolve around your customers is research that will not yield any good fruits, many people have taken to business without doing in-depth research about their customers. Your customers should be your number 1 priority, they should be treated well and before you adopt any business idea you must test it out with your customers, it is only when it is approved by them that you can put it into executionWhat I am trying to say is when you conceive a business idea on anything, let’s say you want to start a restaurant and you believe that when you start this restaurant you will make money from it.
Maybe you have a friend who has earned thousands of dollars in this type of business and he tells you that you too can do it, before you adopt his idea to start a business you have to ask yourself a few questions. Some of the questions you have to ask yourself are, what is the guarantee that I will make money from this business? This question will make you look for the reason why you want to start that business, it will make you seek a reason that will justify you starting that business, and the reason will make you know if it will be a success or not. If you think because many people eat daily that is why you will make thousands of dollars in that business, you may be wrong. You have to remember that people have their preferences, where they love eating and their favorite, this means that for someone to leave his favorite place and come to your restaurant to eat you have to do something differently. Do you see how business planning works? It is one thing that will make all the difference in your business, it can make you have more sales and retain customers will. When you do research that cuts across your customers, their likes and dislikes, when they gather deeper things about them, like their fears and disappointment, when you put all this data together and run an Ad, you will have more conversion because you understand your customers or buyers. Many businesses that fail do not consider this aspect, it is very important when doing your business planning, if you neglect this part your business will fail in the long run, your customers are your number 1 priority in your business and should be treated as such.The next aspect of a business plan you should take into consideration is your competition, your competitors are many if you are new to the business you may think it’s only you.
The truth is, your competitors are many and they are trying everything possible to steal customers from you. For you to start and scale a successful business you must not neglect your competitors, don’t think you have everything you need to make a business work. Go out there and research your competitors, find out what they are doing, find out their latest hacks and technology, and brainstorm on ways you can make your own better. Planning is very important in business, planning makes it easier for you to start and scale a business, if you plan your business well, definitely you will start and scale well. Every successful business you see today started with a business plan, and every business that has passed the 10 years benchmark started with a plan. A business plan is a vital force to the success of any business.
There’s one thing that has caused so many failures in business, one thing that has led to the end of many businesses in their infancy. That thing is the lack of a proper business plan. A business plan makes the execution process easy, with a proper business plan you will have insight into where you want your business to be. In this article, I have written extensively on the importance of a business plan. If you once started a business that didn’t work as planned, I suggest you revisit your business plan and make corrections. I believe this article has been of help to you, feel free to comment your thoughts in the comment section, and don’t forget to share with friends.