Why is a business plan of such central importance in a business? Why is it so controversial? Why do some people seek to downplay its importance?
Every single activity, from one day’s work to longer-term projects, requires planning, investigation and analysis.
A business plan is a valuable tool, required both for small and medium-sized companies as well as for major corporations, whether they wish to start a business or to help it grow.
When you put down on paper the information necessary to create a business plan, you are forced to organize and structure your business ideas. The business begins to take shape. A written plan reveals complex aspects of future work or work in progress. The plan serves as a roadmap to success.
Synthesizing all the data needed and structuring them into a specific business plan is not an easy task. A guesstimate analysis is required, to take existing data into account and keep within reasonable bounds. While it may take a great deal of effort to formulate a viable plan, once accomplished, it will bring about important, tangible benefits.
Three Reasons Why Any Business Should Have a Business Plan
A business plan is an effective tool for defining the existing realities. It prompts you to analyze your business project or the existing situation objectively and critically; it defines a focus and sets realistic goals . It may also constitute the basis for control and evaluation.
A good business plan will reveal weaknesses or omissions in your planning. Because good business plans require a guesstimate of risk calculation, they help to reduce risks.
They provide a valuable communication tool presented in an organized, credible manner, which allows lenders, outside directors, investors, banks and employees to obtain a complex view of your business.
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