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The Benefits of Having a Business Plan

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The Benefits of Having a Business Plan

Having a Business Plan is an important tool to help guide business owners when making decisions.

Whether it is a small start-up or an existing business, having a business plan can help your business. A business plan provides clarity on various areas of business, such as marketing, finance, operations, products, services, or people. It helps business owners analyse competitors and gain competitive advantage.  

A Business Plan helps business owners articulate strategy for starting a business or changing a current business. It defines the processes needed to achieve business objectives.  

Existing Business Owners

Existing businesses should update their Business Plans annually, which helps guide business growth. The plan should include objectives for hiring new employees, the business structure, products and services that will be provided, how these will be promoted and how the business operations will be financed.  

Business Start Ups

If you are considering starting a business, a Business Plan can help check the viability of a business before investment. It will give guidance on the steps that need to be taken, resources required and timeline of results.  

Here Are the Main Benefits of Having a Business Plan

Increased Clarity 

A business plan can give clarity to decision making processes regarding key aspects of the business, such as capital investments or resourcing. A strong business plan will help business owners identify business priorities and areas of focus.  

Helps Create a Marketing Plan 

Marketing is an important element of a business plan. It helps define target markets, customers and how to promote the business’ product and services.  

Support for Funding 

A business plan helps answer questions in relation to profitability and revenue generation.  

Provides Structure 

A business plan provides structure and defines business management objectives. It becomes a reference to keep the business on track with operation milestones and sales targets. When used correctly, and consulted regularly, it can help a business manage and prioritise areas of focus.   

It is evident that having a business plan provides many benefits to both new businesses and existing businesses.  

Download our Business Plan Template

Sign up to the Gallagher Keane newsletter to avail of our free Business Plan template. Click here to sign up.

If you require additional advice in relation to your business, contact Gallagher Keane to discuss how we can help your business. 

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