As of late somebody asked me for what good reason they required a strategy for success in the event that they were getting all the financing they required from friends and relatives. It sounded to me as though they were thinking about a Business plan as only a reserve funding tool. Truth be told, a business plan is much more than that: It’s a tool for understanding how your business is assembled.
You can utilize it to track your progress, hold yourself responsible and control the business’ destiny.
A business plan is a written document that describes your business. A business plan should cover the following:- objectives, strategies, sales, marketing and financial forecasts.
A business plan helps you to:
– clarify your business idea
– spot potential problems
– set out your goals
– measure your progress
– You will need a business plan if you want to secure investment or a loan from a bank.