What happens if you start your business without planning?

Published May 15, 2020 By Sumit Sharma

In today’s age and times, when more and more youths are attracted towards entrepreneurship rather than regular jobs, a very crucial question comes to the forefront: "Do you need a business plan?"

Well, the answer to this pertinent question will always be in the affirmative. A business plan is the first and foremost step in starting your enterprise. Practically speaking, writing business plans can be very time-consuming, often needing you to have large chunks of data at your behest. It should also be noted that business plans largely depend on projections, and are often responsible for creating a long list of research that is yet to be undertaken, besides other incomplete work.

It is also interesting to note, however, that a significant section of aspiring, as well as established businessmen, believe that a business plan does not serve a useful purpose, and hardly makes any difference to the ultimate success of the business. The ones belonging to this school of thought also believe that the time taken to formulate a business plan, can, ironically decelerate the start-up process and especially for a small business, it can mean the loss of valuable opportunities.

a. It is a must-have for some businesses: If you intend to seek assistance from financial institutions, apply for a small business grant, pitch your business idea to investors, or solicit support from business partners, planning is indispensable. Potential investors and supporters would want to have a clear idea of your business plan to analyze its profitability. All the hard facts and numbers should be thoroughly laid out, and the only feasible way to assimilate all this information is using a proper business plan

b. It helps you make decisions: By having a clear plan of your business, you can do away with the gray areas since a business plan itself demands that you write information down in black and white. For example, if you have not yet decided exactly what products you will sell at what price points, you will find it very tough to complete the Products and Services Section of your business plan. A proper business planning process involves identifying this as well as other relevant and valuable information

c. A business plan can be a reality check: If you are a small business owner, having a clear business plan is all the more critical since it will reveal to you the doubtful and flawed areas of your venture. However challenging it might seem, property business planning will help you recognize the gaps at the initial stages itself, thus giving you ample opportunity to improve their research, test their ideas, and adopt the necessary measures to lay the foundation of a viable and robust business. There is no point in investing time and money into a company that might fail for want of proper planning.

d. A business plan gives you new ideas: Once you delve deep into the business planning process, you will end up discovering new ideas, different approaches, and fresh perspectives. And contrary to popular notion, a business plan need not be a long, stiff, and structured document. On the other hand, you can have a flexible, dynamic, and growing tool in the form of an effective business plan. It will unleash your creative thinking, especially in terms of coming up with new solutions for some of the toughest business challenges.

e. Having a business plan translates into an action plan: Business planning is highly beneficial for any small business owner. When you use your business plan as a guide to outline action items, next steps, and future activities, it becomes a sort of living and breathing document that gives you the right directions at the right time.

You cannot succeed in your business overnight. On the contrary, day to day business operations need a high degree of precision attention to detail. Another way of gaining an edge over your competitors is to make the most of modern technology. Since the scenario keeps changing very often and to quite a considerable extent, it only makes sense to put to use the latest softwares and apps to manage the billing and invoicing department of your business.

Online billing software, though relatively new has been ushered in by companies with immense enthusiasm, so why should you stay behind? Once you start exploring these technologies, you will discover how streamlined your process will turn out to be in terms of tracking your bills and invoices easily. It is especially beneficial for businesses that are required to send out a large number of invoices and financial statements frequently.

1. Create invoices from any location- You can use the GST billing softwares from any place if you simply have access to an Internet connection. So, this reduces your dependence on office systems as far as getting your invoicing-related work is concerned. You can also opt to instantly email the invoices directly to your clients and save on printing and postage costs. If your company has various product offerings, the software is all the more helpful, as it allows you to customize invoicing templates for each product/service.

2. Send out multiple invoices- Since multitasking is part and parcel of business; you need software that facilitates a maximum number of tasks in the quickest period. Besides, you can manage your time more efficiently, and also get accurate results. These softwares also lets you view client records and all their details, which you can access and use whenever you need to.

3. Reduce paperwork- All the data will be saved on the cloud, and you can access them from any place anytime. This frees you from the hassles of unnecessary documentation wherever you go. Additionally, since all data is organized and stored in one place, you don’t have to go scouting around for paper invoices all over your office. Hitech Billsoft also makes it easier to search for specific client data. With just a few clicks, you can use the various filters provided, take your pick from the options, and retrieve the required information.

4. Track your expenses- Thanks to the free billing software, you can now keep an eye on your cash flow and ensure that the inflow is higher than the outflow, thus generating profits. With the help of these softwares, you can also identify clients who are yet to make their payments. This saves you from the trouble of elaborate research and fact-hunting.

5. Receive timely payments- With the use of this software, you can generate and deliver invoices to your clients in a brief time. This, in turn, paves the way for you to receive your payments on, or before time. Consequently, your cash flow gets a boost. Besides, since the processes will become mechanized, you can custom make templates and proposals as and when you require. It is not only convenient but also quite fast!

6. Organize your billing data-Retail billing software simplifies the tasks of creating and sorting records of past and current invoices. You can have them at your fingertips, which makes it extremely easy to refer to them, change them, or rectify any discrepancies in them.

7. Automate systems and processes- If you want to establish your business as a modern and technologically equipped one, it is imperative to stay updated with the best and the latest software and information systems. Online invoice softwares can automate several processes for your business, since it can sync and import/export data from other software and apps, which ensures that you no longer need to enter information, as far as invoices are concerned manually.

8. Save time and money- Investing in invoice software will undoubtedly give you a great bang for your bucks! Previously, businesses needed to fall back on the postal system and fax machines to send invoices to the clients. Now, business operations have adopted the digital route, and thus, the entire process of invoicing and billing is far more cost-effective and less time-consuming. These softwares have a high return on investment since you can save money on paper, printing, postage, and so on.

9. Eco-friendly- Using Fortune billing software not only promises several benefits for your business, but is also beneficial for the environment. With the automation of invoicing processes and the digitization of data, there will be lesser use of paper, which implies that fewer trees will be cut down.

10. Manage customer data- Maintaining good customer relations is one of the prime secrets of a successful business. With a reliable invoice software at your service, you can store all the customer data in one place, and also archive it in a secure manner. Besides storing customer data, it also allows you to create new records, import/export data from other files, track payment cycles, and also save specific customer preferences if any.

Make your first invoice today — It’s free!

To Download Hitech GST Billing software online visit www.billingsoftwareindia.in

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