If you are about to start a new business or you have a business that requires expansion for which you will require a loan or outside investment then you cannot overlook the importance of a business plan.The business plan is the blueprint for your business.
-In your search for investment capital you will be required to have a business plan.
Having a business plan gives you a much better chance of getting the capital you require to operate or expand.Established financial institutions such as banks and building societies are less likely to consider your loan application without a well written business plan.
-A business plan serves as guide on what provision to make for the future when starting a business .It can be likened to a road map of your business.It will help you estimate your start-up costs, and how much you'll need to invest.
-Many small businesses tend to start without a business plan hoping to make it up as they go along.A business plan helps you to determine if your business idea is feasible before you go out and put it into action.It acts as a sort of safety net where you can work on your "trial runs" before launching the full scale project.It saves you money because you can use it to find out how your business idea will work out before you start.
-A business plan will help you identify key areas of your business such as how it will operate and how much funds you will require.This will help identify the marketing and budget requirements of the business.A business plan also provides a means for evaluating the progress of your business.This provides a revenue estimate for your business by defining your market.
-A business plan will help you identify the marketing requirements of your business,which will help you to put together an effective marketing strategy that will enable you make money from he very beginning.
-A business plan as a tool can be used to analyse your competition with regard to their strengths and weaknesses which will give you an edge in the marketplace.
There are services that offer to write a business plan for you for a fee.However it is advisable that you write your own business plan as it will make you familiar with how your business functions.
A search on google will show you a lot of websites who are offering advice on how to write a business plan both free and paid ones.
Whatever you do,do not start a business without a plan as it is your road map to business success.
Till next time goodbye and good luck.
