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  • Consultant at NHCS

Do I need a business plan for my company?

Updated: Feb 25, 2023

Most entrepreneurs believe that they need a business plan for their business. It’s needed if you are looking for funding - investments and business loans but some business owners are doing well without one. At New Horizon Consulting Solutions, we believe that the data found within a business plan is crucial to the success of any business; startup, small, medium, or large.

You require to make sure the return on your investment is worth it.

There’s lots of work that goes into creating a plan but the data will help you stay on track and see the bigger picture. Most Fortune 500 companies, didn’t start with just a vision without a plan. These businesses took time to analyze the market, defined clear objectives and goals, allocated funds were needed documenting, and then executed the plan that was outlined.

When most entrepreneurs think of a business plan they assume, it needs to include 30+ pages but on the contrary, it can be a simple outline or a detailed document. Your plan is considered a roadmap that should keep you on track but can change over time.

Here are a few things you could include in your business plan:

  • Company description telling how you will satisfy your customers’ needs. This portion will include your objective and mission statement.

  • A market analysis that talks about your target market, industry, and competitors.

  • Services or products you will sell. Any cost that will be required for these services or/and products.

  • Marketing plans for generating sales.

  • Funding requests with a budget outlined.

  • Financial projections from your financial statements. Your expenses, sales, and debt will be outlined and it will be easier to distinguish your profit.

If you write your business plan for lenders, you will desire a more formal, detailed plan. Include a table of contents, an overview of your business, and an appendix with supporting documents.

Do you need help with your business plan? New Horizon Consulting Solutions can assist you with creating this plan at a reasonable cost. Visit our website for more tips and send us a note if you would like to discuss a bit further.

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