The first thing you must do when considering starting or buying a business is to complete a business plan, preferably with an advisor, to ensure that the business concept is viable.
But what about after you’ve become a proud business owner? Why should you continue reviewing and revising your business plan? Or spend time creating strategic plans?
- To help you make sound decisions that support your short-term and long-term goals
- To identify any possible risks
- To communicate ideas or visions to stakeholders
Planning regularly and reviewing these plans with an experienced advisor ensures you are taking the necessary steps to reach your goals, you can address potential risks, and your ideas are scrutinised and looked at through a strategic and financial lens. Some ideas seem absolutely brilliant… until they’re put down on paper.