What is a business plan?
A business plan is a descriptive, strategic document which communicates the core mission, goals, and objectives of your business, and details how you aim to achieve them. It encapsulates key research pertaining to your target market, key competitors and financial projections.
Your business plan is a written roadmap detailing your operational, financial and marketing strategies.
A business plan is equally important for existing businesses as it is for new start-ups.
Every company should have one, and it should be reviewed periodically to monitor the achievement of goals and any adaptations required.
Why do I need a business plan?
Every business should have a plan
A business plan provides you with a focused point of reference for your company strategy and progression, both short and long term. It keeps business owners on the same page, and enables your key company decision makers to evaluate the direction of the business over time.
It will also assist you in forecasting business demands, potential challenges and changes within your industry in the future.
This critical document is also a key tool in securing investment or funding, communicating to potential parties the status, direction, and forecast of your business.
