It is generally well known that having a business plan is recommended for business success but what about small business owners and solopreneurs? Do they really need a business plan?

A business is like a building, a strong foundation determines whether or not the building will stay standing and for how long. Small business owners and solopreneurs are not exempt from this or the benefits of a solid business plan.

Defines your purpose

A business is more than the product or service it provides. Nearly every business is established to fulfill a purpose greater than its products. Understanding this driving purpose is fundamental to a successful business.

Writing a business plan involves delving into all aspects of how and what the business does but more importantly, it serves to define a clear purpose for that business.

Small business and solopreneurs often attempt to be too many things in their business. The business plan provides clarity of purpose and keeps them focused.

Drives business decisions

Ideally, the business plan is a foundational piece that will then be used to inform and drive other decisions routinely faced by business owners. When met with a choice, the business plan operates as a road map to be revisited time and again to assist in making effective business decisions.

For instance, when the opportunity to offer a new product is presented, the business owner need only look at their plan to determine if they should add it or not. By asking themselves, “Does this product complement my business model or not?” they can easily make the best decision.

Now what?

You know you need a plan, now what?

Generate a business plan on your own using one of the many resources on-line or enlist the help of a business development consultant to create the plan with you. Collaborating with an experienced individual can generate a more complete plan and increase the likelihood for success.

Regardless of how you do it, if you do not have a business plan, take the necessary steps to completing one.