A business plan is a major contributor to the success of a company. A good plan allows a start-up company to examine the viability of the business and helps to determine how to attain business goals. It allows existing businesses the opportunity to identify their strengths and weaknesses and plan for future success. And not least of all, Business Plans are required before funding can be secured from Financial Institutions, Venture Capitalists and other investors.
Purpose
Developing your Plan A business plan is a major contributor to the success of a company. A good plan allows a start-up company to examine the viability of the business and helps to determine how to attain business goals. It allows existing businesses the opportunity to identify their strengths and weaknesses and plan for future success. And not least of all, Business Plans are required before funding can be secured from Financial Institutions, Venture Capitalists and other investors.
Road Map
One sees the big picture more clearly once the business plan is developed. It not only lays the groundwork for starting the business but for successfully remaining on track and building a sustainable operation.
Feasibility
The business plan helps to determine the feasibility of your business idea. Some of the results are estimating what funding could be required; whether the venture should be profitable; as well as predicting potential roadblocks to be overcome.
Increase the Knowledge of Your Business
Your business plan should be used as a guide for your Company's internal use. If you don't believe in it, why should outsiders?
Sales Tool
The business plan will be required to sell your idea to potential lenders, investors, management, and to obtain future business partners. It helps in other areas too such as securing a lease.
First Steps
a) List your audience, goals, and the timeline you expect to achieve these in
b) Gather the industry research
c) Organize the information
d) Write the plan
About the Author
Source: ArticleTrader.com
