Expert Highlights Importance of Business Plan

The Principal Consultant, Halisi Consults, Tolani Thomas, has urged operators of businesses to always have a plan to guide them in decision-making.

Thomas, said this during a recent interview with journalists.

“Studies have shown that businesses with a formal plan have a higher chance of growing rapidly and succeeding.

“Every business both old and new will face challenges along the way, foreseen and unforeseen. However, a business plan is important to mitigate these challenges urgently for continued business growth,” she said.

With a strong plan, the business consultant argued that businesses would be up-to-date with latest developments, market changes, track progress, monitor technology and make decisions promptly in line with their overall goals and objectives. While stressing that business plan was also vital for raising external funds, Thomas added that it builds legitimacy and confidence among investors.

She said: “Regardless of the size of a business, we would all agree that recent months have been unstable from an economic point of view. During uncertain times like this, the lack of a formal business plan by most organisations becomes evident.”

According to her, the value of writing a business plan is often debated in the business world, adding that each business has specific area of focus and, “a business plan helps to develop a more concentrated map toward the success of the business.”

“Business owners need to also understand that a business plan, which ideally is created at the start of a business, can also be put in place for short and long-running organisations regardless of years of existence,” she added.

She, however, emphasised that, “It is difficult to predict market conditions for 2021. The uncertainty we all face is glaring, but a well-detailed business plan will tell which opportunity is to be seized, what success looks like, what resources are required, and guide investment decisions of investors, banks, and venture capitalists.”