My favorite routine on a Sunday morning is buying fruits and veggies and spending time chatting with friends over a cup of tea, sitting in their shop. Today was no different. I got a Whatsapp message from my wife. She had sent me a list of items she needed me to pick from the grocer on my way back home.
So, I visited Bhagwandas' shop and picked up stuff. Simple. What's there to write a blog about it? All of us have done it at some point or the other. The list indeed did a lot of things.
It helped me plan my route. In the usual course, Bhagwandas' shop does not fall on my way.
It was a no-brainer for me to pick stuff off the rack.
If Ashwini had told me to simply get the ingredients for Panipuri, I would have certainly missed a few of them. The list made the task simple and saved us from making another trip to that shop.
In business parlance, that list was her business plan. It had enough details like the name of the ingredients, their quantities. They let me the flexibility of choosing the shop. It was clearly connected to the mission of preparing Panipuri that evening. The list gave her plan legitimacy and seriousness for me to act on it.
Yeah! That's obvious. What's there to write a blog?
Here are some interesting stats:
4 out of 5 Startups don't make it to their fifth anniversary.
72% of Business Owners do not have a Business Plan.
Organizations that have a business plan are almost always more likely to succeed than those having none.
Companies with a business plan grow 30% more than those without it.
Lastly, Organizations with a Business Plan pivot successfully at a staggering rate of 272% compared to one's without it. They save the entity from burning cash, help them survive, and give them another fighting chance.
I guess you get my point now.
Please work on your Business Plan today.
Subodh
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