Behind the Success:

How A Business Plan Can Make Your Business Boom

Behind every business are many different concepts, designs, and strategies. Hence, it is essential

to translate these abstract ideas into something more concrete: a business plan. The United Nations

Conference on Trade and Development (2002) describes a business plan as a framework that outlines

goals and builds clear-cut strategies in order to yield maximum profit and efficiency. It is a tool that

measures the scope of what needs to be done in order to allocate time and money accordingly.

A business plan is also a blueprint that shows how the business plans to make money. Aside from

conducting its own operations, an establishment can make money by attracting different investors who are

willing to put in money that will serve as capital. For this to happen, some investors require a plan in

order to measure the business’s opportunities for success. The better the business plan is outlined; the

more investors are willing to invest. Hence, it is important to keep it concrete, concise, and realistic.

In this light, I can say from experience that a business plan is indeed a very important step in

establishing a business. Not only does it turn dreams into reality, but it also tells outside parties how the

business plans to utilize its human and nonhuman resources. Since it cannot function with a single

individual, a business must gather a pool of talents in order to keep the business going. Aside from its

executive heads, it is essential to have different departments that will highlight the skills and talents each

employee possesses. With this, the employees will surely be able to maximize their efficiency, especially

since the tasks are within their specializations.

Motivation and hard work aren’t the only ingredients an entrepreneur needs in reaching the apex

of success. Before putting everything into action, it is crucial to follow a plan that shows the why’s and

how’s of establishing the business. With the right goals and strategies, a small entrepreneur may reach

greater heights than the big names in business we know of today.

Works Cited:
United Nations Conference on Trade and Development. How to Prepare Your Business Plan. New York

and Geneva, 2002. Retrieved from https://unctad.org/en/Docs/iteiia5_en.pdf