Have you ever had to go to a place you are not so familiar with? Maybe for an official meeting.
Well, if you haven’t, just imagine you were given no direction, no landmark site, just a destination address, and you’re left to figure yourself out.
So let’s assume further that you’ve never heard of that place, so you don’t even know which direction to take once you step out of your house. Well, the beautiful thing now is that, with the aid of Google Maps, you save yourself so much stress of asking everyone you meet on the road, and also missing your way.
Here is a short narration of my own story, uhmm😏… it’s a bit long (LOL).😀
Sometime in February 2020, as a result of the outbreak of the COVID-19 pandemic, schools were asked to close till further notice. My younger sister who was a student at the University, requested we come to her school to pick her up because of the amount of luggage she’ll be carrying back home. I have never driven to her school at that time, so I couldn’t point out exactly how to get there.
But then again, I said to my elder sister, “we can do this with the help of Google Maps.”
On that faithful day, we set off, I was familiar with some places until we got to a certain place. We got confused, so instantly, I brought out my phone and inputted our “Destination”.
And just like that, it was a smooth ride to her school. We applied the same method for our journey back home.
Just Wow! I think some accolades will do just fine.
Ladies and Gentlemen, give it up for Google Map.
On several occasions, I’ve had to go to places I’ve never been before, thanks again to Google Maps. If a tool like Google Map wasn’t available, I bet I’ll end up running in circles, and paying extra, both in terms of Money and of other resources such as Time, Energy, etc.
So, clearly, the importance of a map for a new journey we are about to embark on is very important. The same goes for business. When starting up a business, it is important to draw up a comprehensive BUSINESS PLAN. This will save you the stress and time of starting a business and closing it as a result of inadequate planning.
On this note, we can officially start by stating that, a “Business Plan” is the Map Outline of a Business, or, we can refer to it as a “Business Map Director” as I usually call it.
Why is it that important?
A lot of Businesses are failing today, not because the business idea is bad, or the economy is in recession, but simply because the business was not well planned for.
It’s been stated that 9 out of 10 businesses that fail are a result of avoidable mistakes, and in most cases, they do not have a plan well drafted before the commencement of the business.
It is very easy to overlook the importance of a business plan because successful businesses don’t come out openly to talk about how their business plan contributed immensely to their business success.
A well-written business plan will cover everything your business will stand for or be known for, the products or services you’ll offer your market, who your customers are, the challenges that are most likely to be encountered, and the opportunities available to your business.
Should you choose to trade, the threats to your business, the weakness of your business, and lots more. So yeah! This is the major reason why businesses fail. They fail to identify these, which later comes back to bite them.
Let’s look at Wikipedia’s Definitions of some of the most used terms in this article.
Business: This is the activity of making one’s living, or, making money by producing, or, buying and selling products. Simply put, it is “any activity or enterprise entered into for profit.”
Plan: This is typically any diagram or list of steps with details of timing and resources, used to achieve an objective to do something. It is commonly understood as a temporal set of intended actions through which one expects to achieve a goal. For spatial or planar topologic or topographic sets see map.
Business Plan: This is a formal written document containing the goals of a business, the methods for attaining those goals, and the time frame for the achievement of the goals.
Business proposal: This is a term for a business proposal, a written offer from a seller to a prospective sponsor.
Drafting a business plan sometimes costs little, or nothing, depending on the kind of business you want to venture into.
Some business owners might decide to consult the service of a good Business Plan Writer to put it together, which comes at a fee depending on their bargaining power.
For a small-scale business with fewer technicalities, you might not even spend additional money in writing your business plan, so long as you have some basic knowledge of the business.
While for some businesses such as starting a Sugar Refinery, you will have to spend a reasonable amount of money to cover all there is to cover. This is so essential in order to have a comprehensive business plan for that business.
This kind of business is broad and involves a lot of other organizations, the legal framework, and paperwork to be done are quite broad, and the production and sales procedures involved go far beyond the scope of a small or medium-scale enterprise.
So, basically, these are things that will determine the cost of creating a good Business plan.
By all means, always endeavor to write a business plan for clarity and ultimately for success.