What is a Development Plan and Why is it Important?

Having a Development Plan is essential and key for your project.

The Development Plan is a public statement that highlights the key aspects of the project that you are to begin. It is essential and very important to establish the goal and expectations of the project. It is like a business plan for the investor/developer.

The development plan must include the reason why you want to develop, the type of developments, the expected time frame of completion, and the cost of the project. It is very important that you state what are the goals of the project and what are the steps that will be taken to get there. Be as specific as possible, it doesn’t matter what length it has, but it must be detailed.

The development plan is important because since the beginning you are stating what is expected from you for the project. It makes you accountable for the goals and expectations that must be met, and allows you to stay on track regarding the frame time and the beginning budget. The development plan also takes into consideration other parties and the agreements they settled for.

During any time of the project, the development plan can be used as a protection to let other parties know what they signed up for and what their responsibilities are. If you are thinking of developing raw land to become the next big thing, take the time to prepare your development plan and aim to stick to it. The Development Plan, as the name itself, states, gives you the plan to highly consider when executing your project as well as redirects you during the process of it. 

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