5 Reasons Why Startups Need A Business Plan
The main serial killer of startups and SMEs is a bad execution. A business without a plan is like a ship without navigation systems. Eventually, it will end up lost or crash. A business plan increases the chances that your business will prosper. According to a study conducted by Babson College , new companies with a business plan increased their capital twice as much during the first 12 months compared to those that did not. More than a recipe for success, it is a tool that can be used to set objectives, monitor your progress, be accountable and, ultimately, have a comprehensive vision of the destination of your business. Writing a business plan forces you to have a more complete vision of your business project, and the holistic perspective that gives you will allow you to identify weak points that otherwise would have been overlooked. Elements such as the value proposal, operations plan, personnel estimates, among others, are some of these factors that we sometimes forget. Here are fi...