National Write a Business Plan month is held annually every December, a fitting time for business owners to cement their business plans and put in motion the future they desire. More than 500 million business owners exist all over the world with the probability that each business has at least two or three competitors, so participating in National Write a Business Plan Month just before the start of a new year can put you in a league above your competitors, help you acquire funding, and give your business a better chance of succeeding.
History of National Write a Business Plan Month
Writing a business plan is the foundational and most important aspect of any business and organization, new or old. No business begins or holds continued relevance without one. A business plan serves as a roadmap to the activities of the business, its goals and aspirations, the number of resources needed to run the business, the intended sources from which the resources will come, and more. Business plans are the lifeblood of every business.
Researchers theorize that the oldest historical appearance of writing business plans that shaped the present style of business plan writing today dates back to the 19th century in France. The coal-mining industry in France at the time possessed underpinnings of the modern characteristics of writing business plans, including outlining their medium- and long-term goals, occasional reviews of their business strategies and returns, and new milestones for the coming market year.
With the fast rise of industrialization in the latter part of the 19th and early 20th century, European countries and the U.S. began to develop and write business plans as a part of their budgeting processes, incorporating this process for their state-owned businesses and public corporations. The widespread successes accrued by these government-owned organizations from writing business plans led to its acceptance by private individuals.
Writing business plans today has evolved to become the backbone of any business. It is the first step to turning a business idea into reality. A concrete, well-detailed business plan in itself can stand as a means of securing loans and financial aid from banks, government, financial institutions, and individuals.
Promoting a business is also part of the business plan. The popularity of social media in recent years has completely changed how businesses strategize and present their idea to consumers. Getting noticed in a sea of ventures is difficult, and many businesses are increasingly shifting from traditional marketing methods to newer more popular methods such as influencer marketing.
National Write a Business Plan Month timeline
Mining companies in France begin writing business plans.
The U.S. government incorporates the writing of business plans as a part of its budgeting process.
The U.S. Small Business Administration (SBA) is created and subsequently creates National Write a Business Plan Month to help small businesses plan, scale, and finance their businesses.
Private individuals begin opening businesses and write business plans to obtain loans from banks and financial institutions.
National Write a Business Plan Month FAQs
How do I write a business plan?
A business contains components such as an executive summary, company description, and market-survey analysis. You can find a suitable template online.
Is a business plan important if I’m not seeking financing?
Yes. A business plan serves as more than a tool for seeking investors; it’s a roadmap of your business, your goals, and how you plan to achieve them.
How often should a business plan be written?
It’s advisable to update your business plan once every year, taking into consideration recent trends and changes that can affect the future of your business.
How To Observe National Write a Business Plan Month
Write a business plan
There is no better time to take action. Get your pens and pads and start drafting the entire process of that business idea you want to embark on.
Share on social media
Make a post on social media using the hashtags #WriteABusinessPlanMonth and #NewYearsResolution. In the post, write a basic overview of your business plan to inspire others to participate and to draw recognition to your business when you are ready to launch.
Make your presence felt
As the owner of an existing business, this is a time to create stronger connections with your clients and partners by reminding them of your offering. You can also give out end-of-year gifts in the form of a company-branded year planner or notebook.
5 Fun Facts About Business Plans
No business can do without it
Writing a business plan is the first step to setting up your dream business; you definitely can’t skip this process.
It sets you apart
The entire process of writing a business plan opens to you a world of ideas concerning what the market wants, what the competitors are not doing, and how you can leverage on them, helping you carve a niche in your industry.
Ease of work
A business plan helps you break down work processes into simple, manageable steps.
You are never lost
With a well-detailed business plan, you know what you need to do to have a successful business.
It can fund the business
A business plan is a basic requirement to source funding from financial institutions and investors.
Why We Love National Write A Business Plan Month
It is a wake-up call for many
The initiative helps a lot of people to take that final step towards their entrepreneurship journey, leading them on a path to fulfillment.
It puts the new year into perspective
With all the events and festivities of December, Write a Business Plan Month helps keep people on their toes and prevents them from being stranded in the new year.
It is a form of branding
Participating and posting about National Write a Business Plan Month serves as a source of branding for your new business idea. It draws attention and expectation from others, and in some cases an established market from those following your progress.
National Write a Business Plan Month dates