Why do you need a business plan? People continue to ask this question all the time because of the amount of effort that goes into writing a plan. The best answer I have read about why you absolutely need to know the business inside-out before you start is this:
“The more experience you have in your industry, the more you know about the products, services, competitors, suppliers, channels of distribution, customers, and opportunities. The less you know about your industry, the more you have to learn things through trial and error. And with limited experience, you often burn through your passion, tenacity, relationships, and money before you gain traction. You can only survive so many crashes before you self-destruct and become a statistic in the business failure column. Hence, the more you build on what you already know from your own experience, the greater your probability for success.”
However, the reality is that even industry experience is not enough because it is rare to find an experienced employee who has worked in all aspects of the business or industry. Thus whether you have experience or not the research that goes with a business plan will help you avoid fatal mistakes.
On 8th March 2017 we were at the Nigerian American Chamber of Commerce (NACC) to facilitate their workshop on ‘Writing a Business Plan”.
Subscribe NOW to get our NACC presentation on writing a business plan!