As said early, the benefits of writing a business plan abound and it is worth the time invested in producing it. The benefits you can enjoy from your business plan include the following
- It helps in clarifying the direction and purpose of your pharmacy business. It forces you to think through how you are going to start, grow, and even exit the business before you spend a dime. It helps to test out your new idea to see if it holds real promise of success
- Putting effort into crafting a precise, professional, and informative business plan early in your startup process is essential to building a strong foundation for your company’s success.
- It is a set of values that can help you steer your business through times of trouble. A blueprint you can use to focus your energy and keep your company on track
- It is a tool you can use to raise funds from investors or get loans from a bank
- It is a benchmarks you can use to track your performance and make midcourse corrections
- Your business plan gives you a clear-eyed analysis of your industry, including opportunities and threats, and an honest assessment of your company’s strengths and weaknesses.
- Your business plan gives you a portrait of your potential customers and their buying behaviours and a rundown of your major competitors and your strategies for facing them
- It is a roadmap and timetable for achieving your goals and objectives, and a description of your business model, or how you plan to make money and stay in business
- Your business contains an explanation of your marketing strategies, and an action plan that anticipates potential detours or hurdles you may encounter
- It contains an analysis of your revenues, costs, and projected profits which will help you see the prospect of your business
The Dangers Of Not Preparing A Business Plan
If you do not have a business plan for your pharmacy business, you stand to face some risks. A lot of things can go wrong if you do not take time to plan. Some businesses may not have experienced them but the possibility is very high. These dangers include:
- You run the risk of running out of cash before you open your doors because you do not have an idea of your start-up costs
- You may miss out in sales projections because you don’t really know who your customers are and what they want
- You can become overwhelmed by too many options because you never took the time to focus on a mission and vision for your company
- It may be difficult to raise fund for your business from investors or from banks
- You stand the risk of having a sub-par business because you do not take time to analyze every aspect of your business through the process of business planning.