The Importance Of Business Plan
A business plan is a document that will help you start and fund your new or existing business, or even get a loan for it. As the old adage goes, it's better to have an outstanding plan than not enough money.
In order to create a good business plan, here are some important things to consider.
Brisk + Quick = Entrusted
The plan must be brisk and quick. That is, you must write it and present it in a very short period of time. You may also use PowerPoint to help with this.
Rigorous + Solvent = Practical
Your business plan must be rigorous and solvent. That is, that it must contain all the information that you need so that you can actually proceed with the business or loan application process. This will include relevant statistics, financial information, production data, and so on. You can also use Excel for your calculations such as total revenues, expenses, etc.
Current + Comprehensive = Compelling
Your business plan must be current, and also comprehensive. The purpose of the plan is to give you a realistic picture of what you are doing or want to do, so that other people may see the possibilities and understand your plans. This will also help them contribute to your business and get excited about it. Your financial information must be up to date, so that you know whether the profit projections in your plan are good or bad.
Useful + Valuable = Effective
A good business plan is useful for both you and for potential investors in your business. It should detail all the steps towards achieving your goal, including risk management procedures, financial data, etc. It should also have a termination date, so that the goal can be achieved before the time allotted lapses.
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