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Lanee' Blunt
By
Lanee’ Blunt
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| Advantages of a business plan-- Image by ljleavell. |
Having
a well prepared and written business plan is key to your business success. When
you begin writing the plan, make sure that you have defined your business
purpose, conduct market and competitive analysis, and developed your business
strategy. A business plan should describe the major aspects of your business,
such as products or services, staffing, facilities, and marketing.
Identify Problems
One
benefit of writing a business plan is that it will help you identify your
problems by helping you look at your idea tangibly and if it is feasible or not
to forge ahead with the idea. It
determines if your product or service is marketable and if it will be
profitable.
Road Map
Another
advantage of writing a business plan is that it provides an estimate of what
your start-up cost will be. You can use
it as a guide for operations, management and measure actual financial
performance.
Funding
Convinces
lenders or investors to fund your business, it gives funding requirements and
any future funding requirements over the next five years. You can outline your funding requirements how
you intend to use the funds you receive. Business plans are good summaries of
operations and lenders and investors request them as a tool when you are
seeking funding for your business venture.
Reference:
SBA:
Funding Request
Dummies.com:
Benefits of Writing a Business Plan; Steven D Peterson, Peter Jaret, Barbara
Findlay Schenck
Wiki
Answer: Benefits of Having a Business Plan; Crystal
Posted in: Business Plan
