Why do you need a business or farming plan? You already know the obvious reasons, but there are many other good reasons to create a business/farming plan that many business owners don’t know about. A good business plan is never done. If your business/farming plan is finished, then your business is also finished. As your company gets used to the planning process, the business/farming plan is and should always be a work in progress. It gets a big refreshment every year, and a review and course correction every month.
Important reasons why you should need a business or farming plan:
1. Start a new business or farming operation.
You will use a business/farming plan to establish the right steps to start a new business or farming operation, including what you need to do, what resources will be required, and what you expect to happen.
2. Growing your existing business.
Establish strategy and allocate resources according to strategic priority.
3. Deal with professionals.
Share selected highlights of your plans with your attorneys,accountants and consultants.
4. Develop your business alliances.
Use your plan to set targets for new alliances, and use selected portions of your plan to communicate with business partners.
5. Back up a business or farming plan loan application.
Like Investors, lenders want to see the plan and will expect the plan to cover all main points.
6. Seek investment for a business.
Investors need to see a business or farming plan before they decide whether or not to invest in any business.
7. Share and explain business objectives.
You will be able to share and explain the business objectives to your management team, employees and any new personnel. You can also use selected portions of your business/farming plan to form part of your new employee training.
8. Sell your business.
Usually the business or farming plan is a very important tool of selling your business. Help buyers understand what you have, what it is worth and why they should want it.
9. Decide whether you need new assets.
Decide on how many assets you will need and whether to buy or lease them. Use your business or farming plan to help decide what’s going to happen in the long term. How long will this important purchase last in your plan?
10. Decide whether or not to rent new space.
Rent is another new obligation, usually a fixed cost. Do your growth prospects and plans justify taking on this increased fixed cost.
SAMPLE OR GENERIC BUSINESS/ FARMING PLANS SUCK!!
Business/Farming plans are made not found. Sample plans can help in certain areas but this is not a good idea to use them as they will not meet the criteria of most investors/lenders. It is far better to start at zero, and write your own business/farming plan or make use of a experienced/professional business plan and farming plan writer. You make your own plan; you don’t find one. Every business is unique and every business/farming plan is also unique. Even if you manage to find a business/farming plan for a business very much like yours, it would never have the same owners, the same management team, the same strategy and probably not the same market or location either.
WARNING – BE VERY CAREFUL OF CHEAP, LOW COST OR GENERIC TYPE OF BUSINESS OR FARMING PLANS ADVERTISED ON THE INTERNET. HIRING A CONSULTANT AT A CHEAP PRICE WILL BE DISASTROUS AND CHEAP QUALITY AND WILL NOT MEET INVERSTORS CRITERIA – JUST A WASTE OF YOUR MONEY – SOME CLIENTS DISCOVERED THIS TOO LATE AND ONLY REALIZED THAT THEY WERE TAKEN FOR A RIDE WHEN THEY PRESENT THEIR PLAN TO AN INVESTOR.