Why you need a business plan

Think big start small :( why you need a business plan)
This month we will be starting a series on thinking big but starting small. The bible also says that we should not despise the days of our little beginning. If we are not to despise the days of little beginnings then we need to start planning from our little beginnings in all areas of our lives especially in business.
This brings me to the concept of writing a business plan. Whether you’re launching a startup, expanding an existing firm, or initiating an internal project, you need a business plan to help you sell your ideas, guide decisions, and manage growth. The term “business plan” may sound intimidating, but it shouldn’t. At a basic level, a business plan is simply a document that describes what an organization or group plans to do and how it plans to do it.
A good business plan:
Explains a business opportunity
Identifies the market to be served
Provides details about how the organization plans to pursue its goals
Describes the unique qualifications that the management team brings to the effort
Explains the resources required for success
Gives a forecast of results over a reasonable time horizon
By providing a complete picture of a company, a business plan helps executives manage the organization, allocate resources, focus on priorities, and prepare for opportunities and problems. It also aids potential investors, partners, and others in understanding the organization’s strategy and its chances at success.
An organization should view its business plan as a living document that requires constant reviews and revisions. The management team must frequently update the business plan to reflect changes in market conditions, evolving strategies, and performance. In this way, a business plan continues to serve as an invaluable resource for leaders as they make strategic, financial, and operational decisions.