The Importance of a Business Plan: Why Every Business Needs One
“Without a destination, a sailor will never get a favourable wind.” Anon
That wise saying is a reminder of how many business owners drift along without a clear plan.
Picture this: you’re driving from A to B, but you don’t know exactly where A is, or which roads will lead you to B. You might manage to stumble onto the right track, but you’ll probably waste time (and fuel) along the way. It’s the same in business – you need a plan, or you risk wandering off-course.
A strong business plan is more than a document filled with clever jargon and buzzwords. It’s your roadmap that helps you reach your goals without losing sight of what’s important. At Grant-Jones Accountancy, we’ve supported many solopreneurs and small to medium size businesses by helping them shape a plan that’s realistic, actionable, and personal.
Yes, a business plan needs to include forecasts and targets, and it also needs to connect to what you want out of life. After all, a business is not just a random entity – it exists to serve your personal and professional ambitions.
When we talk about planning, we’re not suggesting you have every single detail figured out before you start trading. Plans evolve over time, markets shift, new technologies emerge, and your own ambitions might change as you gain experience. But having a defined plan allows you to track your progress, monitor what’s working, and adapt without losing momentum. It’s a balancing act: give yourself structure while staying flexible enough to respond to new opportunities.
The power of direction
Having a plan puts you in the driver’s seat. Instead of taking on every new idea that comes your way, you can evaluate whether it aligns with your vision. If you already know the direction you want your business to go in, it’s much easier to say no to what doesn’t fit. In many of our client conversations, we see business owners exhausted by taking on too many projects. They feel pulled in all directions because they haven’t defined the scope of what they do best.
By setting goals and identifying your strengths, you cut out distractions, and that’s where a proper strategy saves you time and money. No matter your industry, the key is to focus on what you genuinely excel at, and then channel your resources into that area and avoid spreading yourself too thin.
Why a business plan is so powerful
- It sets your destination
You might have a vision of what “success” looks like in five years’ time, or perhaps you’re only looking one year ahead. Either way, writing it down and giving it shape makes it tangible, and then you can work out what steps to take first. - It highlights strengths and weaknesses
To get an honest view of where you are, you need to assess what’s going right and what isn’t – this is usually a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). The important thing is to look at things as they really are and recognise what you do well, and where you could do better. - It saves time and resources
With a business plan, you’re not just reacting to events as they happen. You’re making informed decisions about where to spend money, what to delegate, and which tasks to prioritise. In the long run, you’ll save yourself from costly mishaps. - It keeps you on track
When you’ve got your plan in writing, it’s easier to check in each month (or each quarter) and see how you’re doing. If something’s not working, you’ll spot it faster, and if something’s working brilliantly, you can capitalise on it.
We don’t believe in a one-size-fits-all approach
The internet is full of guides on creating a business plan. Some are helpful, others less so. The truth is your plan must be tailored to your personal objectives. That’s why, at Grant-Jones we don’t believe in the one-size-fits-all approach. When clients come to us, we sit down to figure out who they are, what they want, and where they see themselves in the future. From there, we work out a strategy that’s specific to them.
We’ve seen new business owners ignore planning because it feels overwhelming. Then we’ve seen seasoned owners try to skip ahead because they think they already know what to do. The truth is, both ways can cause headaches in the long run. You see, you might have a great product or service, but if you’re not aligning it with your personal and professional goals, you’re missing a trick.
A living, breathing document
Your business plan isn’t something you print off once and never look at again – it’s a living document that grows and evolves with you. Markets change, and so do ambitions, which is why the best business plans build in a review process. At regular intervals, check your plan, see what’s on track, and adjust if necessary. If you’re moving faster than you expected, you can set more ambitious targets, and if you’ve hit a rough patch, you can refine your focus and plot a different route.
At Grant-Jones, we’re firm believers in making the planning process clear, practical, and – dare we say it – enjoyable. We want you to feel in control of your journey, and a well-crafted plan gives you that control. It doesn’t guarantee there won’t be any bumps along the way (this is business after all), but at least you’ll know where you’re headed.
Next steps
If you’re reading this and thinking, “OK, I know I need a plan…what now?”, you’re already ahead of many business owners, and your next move is to take action!
You have a unique vision for what you want your business (and your life) to look like, and our role is to make sure your plan matches that vision. You don’t have to navigate this on your own. A solid plan helps you stay focused, spend wisely, and keep your business moving in the right direction.
For tailored guidance on building a plan that fits you and your business, get in touch. Together, we’ll make sure you’re sailing towards the right destination, and hopefully picking up a few favourable winds along the way.
