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What our members have to say...
"I would just like to thank you as I have successfully found the funding required. I could have actually funded my project 6 times over! I went with the Investor I felt most comfortable with and hope to build a mutually rewarding future with him!"
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SB - (Scotland) |
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11 reasons for a business plan
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The object in preparing a business plan is to ensure success. Only you, as the owner, can prepare the plan, but you should seek advice on its format from an expert.
You should prepare a business plan because it:
(1) Provides you with the road map that you need to run your business. It allows you to make detours, change directions and alter the pace that you set in starting or running the business.
(2) Assists in financing. Whether one is starting a small business or is an entrepreneur, banks and financial institutions want to see that you know where you are, where you are going and how you are going to get there.
(3) Will tell you how much money you need, when you will need it and how you are going to get it.
(4) Helps you to clearly think through what type of business you are starting, and allows you to consider every aspect of that business.
(5) Raises the questions that you need to have answered to succeed in your business.
(6) Establishes a system of checks and balances for your
business so that you avoid mistakes.
(7) Sets up benchmarks to keep your business under control.
(8) Helps you develop a competitive spirit to make you ready to operate.
(9) Makes you think through the entire business process so that you do not open the business blindly or lack vital information to maintain your business.
(10) Forces you to analyze competition.
(11) Gives you a ''go'' or ''no go'' answer about starting the business.
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