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Having a business plan helps you to identify potential pitfalls in your idea.
Business plans, even among competitors in the same industry, are rarely identical.
But they all tend to have the same elements, including an executive summary of the business and a detailed description of the business, its services and/or products.
A mere description of your business concept is not enough.
Instead, ensure you have a thorough business and financial plan that demonstrates the likelihood of success and how much you will need for your business to take off.
Ideally, a company would revisit the plan periodically to see if goals have been met or have changed and evolved.
Sometimes, a new business plan is prepared for an established business that is moving in a new direction.A business plan lays out a written plan from a marketing, financial and operational viewpoint.Although they're especially useful for new companies, every company should have a business plan.It needs to be clear and easy to read and understand.Here are 4 reasons why you need a business plan Potential investors or lenders want a written business plan before they give you money.A business plan is a very important strategic tool for entrepreneurs.A good business plan not only helps entrepreneurs to focus on the specific steps necessary for their to make business ideas succeed, but it also helps them to achieve both their short-term and long-term objectives.Identify experts and professionals who are at a position to give you invaluable advice, and share your plan with them.A business plan is a communication tool that you can use to secure investment capital from financial institutions or lenders.A business plan is a fundamental tool any startup business needs to have in place prior to beginning its operations.Usually, banks and venture capital firms make a viable business plan a prerequisite to the investment of funds in a business.