Business planning probably doesn’t sound like an exciting thing for a Bloomfield Heights business owner. A business owner may also think that a business plan is only for start-ups. But the truth is, most businesses, both established and new, can greatly benefit from creating a business plan.
Some benefits of a business plan include:
- Create a picture of the business. A business plan can help a business owner get a better picture of their business and create a strategic plan that is beneficial for now and into the future.
- Set priorities. A business owner cannot do everything so a business plan helps align their time, effort, and resources strategically.
- Manage change. Change is always inevitable. A good planning process will help a business track progress and catch new developments so it can adjust accordingly.
- Develop accountability. A business plan can set expectations and manage results. It can also allow a business owner to review tasks and accomplishments.
- Manage cash flow. A business plan can help a business owner manage their cash flow in regard to inventory, purchasing assets, sales on account, and debts.
- Create milestones. A business plan can create goals and milestones that a business owner would like to work towards. It can be things like opening a new location, hiring a new sales manager, reaching a defined sales target, etc.
- Putting monthly metrics in a business plan can be a good way to review that the business is on track. Sales, expenses, trips, web traffic, conversion rates, returns, etc. can all be tracked in a business plan.
A legal professional who is skilled in business formation and planning can help their client with their business needs. Whether it’s creating a business plan, maintaining corporate records, acquisitions and sales, and many other issues an attorney can be an invaluable asset for a business owner.