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Is It Necessary
To Have a Business Plan? |
by:
scott
morris |
Are you planning
to start a new business? Or are you considering expanding your
current business and require a bank loan or investment from outsiders?
If you are going to look for an investment of capital it is quite
likely that you will be required to have a business plan. If you
are starting a business, despite the work involved, a business
plan can prepare you for the obstacles ahead and help ensure your
success.
A business plan is something that many small businesses fail to
create, however, many business owners are adamant that having
a written business plan is one of the keys to their present success.
Creating a business plan forces you to contemplate possible obstacles
to your business and prepares you to find solutions that will
help you to overcome them.
To find investors or get a bank loan, they will want to see that
you have the experience or resources to run the business. They
will want to see your projected income as well as your suggested
repayment plan already laid out. Taking the time to do this is
not only important for them, but it gives you a measuring tool
to verify if your business is growing properly. You can gage your
success on how close to the plan your business has actually performed.
Perhaps you'll do worse, or perhaps you'll do better, either way
it helps you determine how well your business is getting on.
If you have never seen a business plan before you may be concerned
that is is too difficult a proposition for you to manage on your
own.
While there are services available where you can hire someone
to write a business plan for you, depending on your needs it may
be wise to familiarize yourself with a business plan's layout.
This will not only help you to provide the necessary information,
but may encourage you to try your own hand at it.
There's a free tool at www.bdc.ca which will assist you in creating
a business plan. Some of the topics you will be required to explain
are your Market, Customer, Competition, Marketing Plan, Research
& Development along with financial forecasts. You may consider
hiring someone to help you with your financial sheets after completing
the written part of the Business Plan.
Your Business Plan will become your guide and silent business
partner - indicating where you need to improve and helping you
stay one step ahead of your competition. Make it a priority to
have this crucial road map for your business.
About the author:
Scott Morris's personal site on accounting business and business
administration http://businessexcel.com
for more information, you can visit http://businessexcel.com
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