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Today we are going to talk about why you should draw a business plan. Some people think that business plan is a must have and some think that is not. Let us look into details what business plan is and what is the important of it.
First of all you have to understand the word “Business plan”. Let us define it before anything else. A business plan is a written presentation that carefully explains the business, the management team of the business , the business services and products, it’s goals and the strategies that will help the business to reach its goals.
Based on the above explanation, we can say the business plan involves different kinds of aspects. (1) A process of planning : what you as an entrepreneur want to achieve. (2) Strategies and action plan you will take to reach those goals. So now we will look into why should you draw a business plan.
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Why should you draw a business plan?
There are about three ( 3 ) reasons for compiling a business plan. You need business plan ( 1 ) To obtain funding. As you know any business need capital so a business plan can be considered as an important sales tool for approaching lenders or investors. They want to know if your business is carefully planned since they will be investing their money there.
Again, you need business plan ( 2 ) To serve an internal purpose. A business plan will provide your business with focus, an objective, a tool for measuring performance against, a marketing tool for obtaining finance or selling the business, a road map to direct the business, a systematic evaluation of the chances of success in the market and a method of determining the risk facing business, product or even the idea.
Finally, a business plan can also be used ( 3 ) As a tool for reducing the risk in starting a new business. The process of business plan will force an entrepreneur to think carefully and to consider each aspect of the new business venture.
Did you see how important to have a business plan? Is not a must but is a thing that you have to think about. Running a business without it is like travelling to a place you never been without a map. You will get lost obviously.
Do you want to get lost, meaning fail or you want to reach the correct destination in time , meaning success? Obviously each and every entrepreneur start a business for money so without success, no money.
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