Plan Building 116
A business plan is a major contributor to the success of a company. A good
Business Plan (BP) allows a start-up company to examine the viability of the business and helps to determine how to attain business goals. xx And not least of all, Business Plans are required before funding can be secured from Financial Institutions, Venture Capitalists and other investors.
Why Create a Business Plan?
Developing a business plan is a
crucial step contributing to the success of a business. There are many reasons to develop a plan:
Business Plan as a Road Map
By taking that step back, you see the big picture more easily. A plan is not just used at the start up, but also is a helpful touchstone to remain on plan while continuing to develop the business.
Feasibility
The validity of the underlying business idea is illustrated through the business plan. It helps to determine whether the venture will be profitable; what if any funding will be needed; and what will be the roadblocks to overcome.
Increased Knowledge
The business plan should be used for your Company's internal use; as a guide to follow. This will help you to achieve the goals you have established for your venture.
Sales Tool
The business plan will be required to sell your idea to potential investors, lenders, and management. It provides a useful way of explaining your business to existing or potential colleagues, staff and business partners. It provides legitimacy with other parties too, such as landlords.
Initial Steps
a) Determine your audience, objectives and action time line
b) Gather the industry research
c) Organize the information
d) Write the business plan
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