Business Plan Why
Why is a business plan important when starting up a business?
A good business plan helps you and, if you are considering attracting inward investment (private investors or banks lending money), will help them judge the business.
From your own point of view, you should have a business plan that identifies the status of the business (sole proprietor/partnership/company etc.), what it aims to do, and how it is going to do this, and the results this should bring. (Hopefully profit). You need to be realistic as worse than kidding investors is kidding yourself.
Following on from this you should then create a cashflow forecast, which should show your anticipated income month by month and your expected outgoings, detailed by item, again monthly. This way you can see if there is any great variance between what you expect and what is happening, and you can take early action to stop a minor problem becoming a major crisis.
Armed with this information, presented in an easy to read format, you can see how the business is performing against all targets, but always be aware that things are very unlikely to go 100% to plan and when they don’t, you can adjust appropriately.
Good luck in whatever venture you follow!
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