A business plan is a strategy that will allow you to achieve the goals established for you and your family.
Take into consideration all your financial health, evaluate your budget, investments, retirement plan and lifestyle; in order to create financial security.
These are the reasons to have a business plan. It does not matter if you are a business owner and / or entrepreneur:
3 reasons to have a business plan.
Keeps you organized
As a small business owner, depending on the type of business you start, whether it is a sole proprietorship, LLC, or limited partnership, you will ultimately end up bearing business taxes through your own personal taxes. To avoid confusing them, you must have a strong discipline.
You want to have a clear and visible way to see how the company is performing against your own finances. From the beginning, a plan will establish transparency and separation.
Mitigate risk.
Anyone starting a business is inherently taking a risk. One of the things that gave me comfort leaving business school and starting my business was that I had a basic plan with nine months of savings.
I knew that at the end of nine months, if I hadn’t raised funds and wasn’t in a position to pay myself a salary, I had to go back to Plan B; which was to get a job.
As an entrepreneur, I would like to tell all entrepreneurs to never give up.
But as a financial planner who loves numbers, I have to tell you that drowning in credit card debt, having no retirement savings, and not having a paycheck is not a lifetime strategy. As a result, having a plan tells you how much risk you can take before going to extremes and ruining your future.
It keeps your mind on the “game”.
I believe the best business decisions are made from a calm, long-term place of thinking. If you are under stress, worry and fear will drive you to make short-term business decisions, which may be worse than decisions made with a view to the more distant future.
A plan gives you the comfort of knowing that you can always do what is truly best for your business.
If you understood the importance of having one, click here for more information.
If you are really interested in creating your own business and want to find more information on this subject, buy our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
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