Do You Need to Create a Business Plan? - dummies

Do You Need to Create a Business Plan?

By Veechi Curtis

Part of Creating a Business Plan For Dummies Cheat Sheet

Are you feeling a bit sceptical about the need to create a business plan? Maybe you’re wondering if you can find better things to do with your time. If in doubt, read through the following questions. If your answer to two or more questions is ‘yes’, you certainly do need to create a business plan, and soon.

Ask yourself:

  • Is your business brand new, or not started yet?

  • Do you find it hard to describe in 30 seconds or less what your business does better than others?

  • Do you have a great business idea but you lack the capital to make it real?

  • Do you have a unclear picture of all of your competitors and how your pricing, service and product/service range compares?

  • Have your sales and profitability been in decline for the last 12 months or more?

  • Are you finding it hard to pay your bills on time?

  • Do you find yourself lurching from crisis to crisis?

  • Do you struggle to remember your net profit for the last month, the last six months and the last year?

  • Does your business belong to an industry that’s changing fast? Do you find it hard to pick what will happen next?

  • Would you like to retire or sell your business within the next five years?

  • Do you still feel engaged, excited and passionate about your business?