Completing a business plan encourages you to get past the ‘initial concept’ stage of your business start-up and, if it’s done properly, leads you to estimate, to the best of your ability, real figures.
A business plan can solely be an internal document to guide you in establishing and growing your new venture and/or it can be used for the purposes of raising finance. It is an essential tool for any business for numerous reasons,
• Its preparation will help you focus your thinking
• It will act as a guide as you make decisions
• It will provide you with targets and goals
• It will help you focus on key areas of the business such as pricing
• It will give you an indication of your cash requirements
This post was brought to you by Mathew Aitken at Companies Made Simple