Known for his successful business projects in the gaming and hospitality industries, Joe Olujic has underlined the main advantages of running a complex business plan. Planning was probably his most valuable asset in taking companies from the bottom and putting them on top of their competition. Sure, his entrepreneurial passion has had a word to say in the process too, but the truth is that nothing comes to life without a good plan.
While Joe Olujic did not really need to seek investment for his businesses (startups or established businesses), a business plan is mandatory to do it, especially if you are new in this field. No investor will ever give you money just because you promise the world with words and no actions. They want to see plans, future growth statistics, facts and numbers. At that point, you might convince them, yet you obviously require more than just the actual plan.
Backing up Loan Applications
Once again, the necessity of a good investment may cause a lot of business owners to worry. You may not necessarily need a fortune for a startup, but there are specific ventures that demand more than just small amounts of money. From some points of view, lenders work just like investors. They want to see a plan. They want to know that you will be able to pay the debt with your venture. You do not necessarily have to cover too many details, but just the main points. Of course, Joe Olujic agrees that the farther you go, the better.
Growing the Current Business
Assuming that you are already running a business, it does not mean that you should overlook the plan. Perhaps you have succeeded without one so far. But then, unexpected situations arise when least expected, especially if you want the business to grow too. Allocate your resources, set some growth strategies and come up with realistic goals. Joe Olujic likes to underline the obvious – existing businesses require planning as well.
In conclusion, mixing passion and a good plan will come up with a tasty cocktail of success overtime.