Writing a Business Plan
A business plan (BP) is a vital and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives.
The Benefits of Having a Business Plan includes:
A BP streamlines the decision-making process regarding critical aspects of the business, such as capital investments, leases, and resourcing. You can’t do everything.
Creation of a Marketing Roadmap
A BP helps define your target market(s), target customers, and how you will promote and place your product/service to these markets/customers.
Helps to Secure Talent
Attracting talented workers and partners is vital for a business to succeed. A business plan helps bring in the right talent at the right time. Staff wants to understand the vision, how the company will achieve its goals, and how they can contribute to this in their roles.
Support for Funding
Whether you’re seeking credit from a bank or capital from investors, a business plan that answers questions about profitability and revenue generation is often required. A business plan is a crucial piece of any SBA loan application
A business plan provides structure and defines business management objectives.