The benefits of a Business Plan:
The most valuable activity you can perform before starting a business is developing a business plan. A business plan is a vital document to convince investors to invest in your project. Investors will only risk their money and time if they are convinced that your business will be successful and profitable
In addition, a business plan has other uses than attracting investors such as: the vital importance of giving the entrepreneur direction for the future.
Advantages of developing a business plan:
1. Provides a roadmap for the future
A complete, thoughtful business plan is one of the most valuable tools in helping you reach your long-term goals. It gives your business direction, defines your objectives, maps out strategies to achieve your goals and helps you to manage possible bumps in the road.
2. Gives you control of your business
The planning process helps you learn about the different forces and factors that may affect your success. If you are already in business, it helps you to step back and look at what is working and what you can improve. A business plan helps to give you a sense of control.
It is important to have a business plan, but it is just as important to keep it up to date
Why You Need A Business Plan?
- Convince investors to invest
- Get a loan
- Attract angel investors
- Forecast the cost and profit
- Identify investment requirement
- Identify business value
- Assess risk and return