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Why You Need a Good Strategic Business Plan

Starting a business isn’t something for the faint of heart. In fact, it requires hard work, dedication and a lot of willpower. You’ll go through ups and downs and question whether you made the right decision and if it’s ever too late to turn back. Having a good business plan is something that can keep you grounded and ensure that your business is following a linear growth plan.

Having a business plan is also required for loan or grant applications, and occasionally for hiring accountants and lawyers. It’s also an important starting point for creating your business, outlining your goals and establishing your client base and budget.

Goals are an important aspect of any business; even the most successful businesses re-evaluate their business plans frequently to align with their goals, adapt to present times and evaluate their success. It’s a way to visualize what you want your business to achieve and how you plan on achieving it. This creates a sense of direction and purpose for your business and your goals.

When it comes to deciding on what goals to set for your business, you should consider a few things such as:

  • What services or products your business provides

  • How said services or products help your clients

  • What your value and mission is for your business

  • What your clients want to see more of, or want from your business

  • How you plan on expanding your business (new store fronts, more social media platforms, more services/products)

Having a strategic business plan is crucial, because anybody can create a business plan, but in order to have it be effective and help grow your business, it needs to be a smart, strategic plan. This requires effort and research on your part (as the business owner) and will take more than just an hour or two to create. You need to analyze factors like the health of the industry you’re entering into, who the competition is, what type of target audience you want to attract, and how to best market your business.

If you have the funds and are willing to, you can hire someone to help you create your business plan. Alternatively, most of the information you’ll need is available on google and easily adapted to your business and your goals. Of course, as your business grows and you generate more income, you can seek advice from a business mentor to help you adjust your business plan to fit the needs of your business or goals.

When it comes to goals and success, having a business plan is helpful in that it creates a visual for you to monitor your progress. Since your business goals will be included in the plan, along with the steps required to achieve them, you’ll be able to visualize how far you’ve come and how close you are to achieving the goals you laid out.

The same goes for when you lose a sense of direction, purpose or motivation for your business. You can refer back to your business plan and re-assess where you are as a business, and what your purpose was when you started. This often grounds people and calms any negative feelings or doubts they might have.

As a business owner, once you hire employees, having a strategic business plan is a useful tool in communicating your expectations of them and how they will help propel the business towards its goals. It also helps employees to understand the business’ values and direction, which in turn, makes them feel like they’re part of something or that they’re working towards a common goal. This unites your employees as a team and helps motivate them to work harder for your company and stay loyal to you and your business.


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