Why You Should Write a Business Plan

I‘m always on the lookout for articles with the potential to positively change a business. What’s your take on the following points I came across recently?

Here are five good reasons why you should write a business plan when starting a new business.

To Give Your New Business the Best Possible Chance of Success

Writing a business plan will ensure that you pay attention to both the broad operational and financial objectives of your new business and the details, such as budgeting and market planning.

Taking the time to work through the process of writing a business plan will make for a smoother startup period and fewer unforeseen problems as your business becomes established.

To Make Business Planning Manageable and Effective

A business plan is essential if you're thinking of starting a business, but it's also an important tool for established businesses. Viable businesses are dynamic; they change and grow. The company's original business plan needs to be revised as new goals are set.

Reviewing the business plan can also help you see what goals have been accomplished, what changes need to be made, or what new directions your company's growth should take.

To Attract Investors

Whether you want to shop your business to venture capitalists or attract angel investors, you need to have a solid business plan. A presentation may pique their interest, but they'll need a well-written document they can take away and study before they'll be prepared to make any investment commitment.

Be prepared for your business plan to be scrutinised; both venture capitalists and angel investors will want to conduct extensive background checks and competitive analysis to be certain that what's written in your business plan is indeed the case.

I’d be really interested to know your opinion. Check out the full article here and then I’d be happy to discuss with you by phone (0467) 749 378 or email [email protected].

Thanks,

Robert