The Top 5 Reasons to Invest in a Business Plan

We've heard the question countless times...

"Why should I invest in a business plan? I can get a cheap template online"

Well, a business plan (much like marketing, training, or other strategic choices for your business) shouldn't be viewed as an expense.

It's an investment.

Being a Calgary-based company, we're obviously biased, but know that the information we have here, and the reasons you should be investing in a business plan for your small business is universal.

Understanding Business Plans

Starting a small business in Calgary or Alberta can be an exciting but challenging venture. There are many factors to consider such as funding, marketing, and competition. One crucial aspect that often gets overlooked, especially by first-time entrepreneurs, is the importance of having a well-structured business plan.

A business plan is essentially a roadmap for your small business. It outlines your goals, strategies, and tactics for achieving those goals. It can also help you anticipate potential challenges and opportunities, and ensure that you have the resources and support needed to succeed.

However, for most people, when you say business plan, they often just think "funding".

But, a business plan can be used for so much more.

Here are the top 5 reasons why having a business plan is essential for small businesses in Calgary and Alberta:

1. Getting funding

2. Strategic planning

3. Operational efficiency

4. Identify opportunities and challenges

5. Measure your KPIs

Attracting Funding

This is what most people think of when they hear the words "get a business plan". That is, most people think it's only good for funding.

Well, that's not all it's good for, but this is certainly an important reason to have one.

If you're looking to secure funding for your small business, a business plan is a must-have. Banks, investors, and other potential lenders will want to see a clear and well-researched plan that outlines how you intend to use their funds and how you plan to generate a return on their investment.

A solid business plan can help you attract funding, and also demonstrate to lenders that you're serious about your business and have a plan in place to make it successful.

Strategic Planning

A business plan helps you set your business goals and identify the steps needed to achieve those goals. It forces you to think critically about your business, your industry, and your competition.

By conducting market research, analyzing your competition, and developing a SWOT analysis, you can identify potential opportunities and threats and develop strategies to capitalize on the former and mitigate the latter.

Operational Efficiency

A business plan can also help you run your small business more efficiently. By outlining your operational and financial objectives, you can track your progress towards those goals and make adjustments as needed.

This can help you identify potential inefficiencies, streamline your operations, and reduce costs. A well-crafted business plan can also help you stay on track and avoid distractions or deviations from your core objectives.

Identify Opportunities and Challenges

A business plan can help you identify potential challenges and opportunities for your business. This information can help you prepare for and mitigate risks, as well as capitalize on potential opportunities.

We've likely all heard of the infamous SWOT analysis, and this is a clear example and illustration of how a business plan measures your potential challenges and opportunities. Nevertheless, each section of a properly-written business highlights opportunities and challenges, and let you properly account for this in your day-to-day (and, long-term) operations.

Measure your KPIs

A business plan can help you measure your progress and performance. It provides a framework for tracking key performance indicators (KPIs) and evaluating your business's success over time.

In short, a business plan creates a roadmap for you as a business owner. How well written the plan is determines how accurate your reporting and KPIs will be. A professionally-written business plan will make sure that you have a clear road map to track your progress and measure KPIs as you grow.

If you're a small business owner in Calgary or Alberta, investing in a well-structured business plan is essential. Not only can it help you secure funding and attract potential investors, but it can also help you strategically plan for the future and operate more efficiently.

So, if you haven't already, take the time to develop a solid business plan for your small business. Whether you're just starting out or looking to grow your existing business, ASC can develop a strategic business plan to address your needs. We have opportunities and investments starting at just $149 CAD for small businesses.

Get in touch for inquiries and to get started!