The Principal Consultant, Halisi Consults, Tolani Thomas has said that during uncertain times like this, lack of a formal business plan by most organisations becomes evident but a well-detailed business plan will tell which opportunity to seized, what success looks like, what resources are required, and guide investment decisions of investors, banks, and venture capitalists.

She said: “Regardless of the size of a business, we would all agree that recent months have been unstable from an economic point of view. The value of writing a business plan is often debated in the business world. Each business has specific areas of focus and a business plan helps to develop a more concentrated map toward the success of the business.

Tolani explained that business owners need to also understand that a business plan which ideally created at the start of a business can also be put in place for short and long-running organisations regardless of years of existence.

“It is difficult to predict market conditions for 2021. The uncertainty we all face is glaring, but a well-detailed business plan will tell which opportunity is to be seized, what success looks like, what resources are required, and guide investment decisions of investors, banks, and venture capitalists. Business planning becomes more important, not less in uncertain times.

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“A business plan is very important to the success of any business as it provides a written roadmap for the business from a marketing, financial, and operational standpoint. Studies have shown that businesses with a formal plan have a 30 per cent higher chance at growing rapidly and succeeding.

“At Halisi Consults, we have helped several new and existing businesses develop transformative business plans that have doubled growth. Our business development services always begin with an in-depth analysis of the firms strategy followed by a series of concise steps to improve the business.

“As a leading business development consulting company that creates business strategies for growing businesses to improve their business structure and create sales. Halisi Consults has been involved in a wide range of exciting projects over the years, principally to help clients create and implement strategy, improve efficiency, increase revenue, and build great organizations.

She added that every business both old and new will face challenges along the way, foreseen and unforeseen, however, a business plan is important to mitigate these challenges urgently for continued business growth. With a strong plan, businesses can catch new developments and market changes, track progress, monitor technology and make decisions promptly in line with its overall goals and objectives. Business plans also remain vital for external fundraising because it builds legitimacy and confidence among investors.