Are you thinking of starting your own business, or do you want to ‘take stock’ of your current business model and put in place some plans for the future? A business plan is a great place to start!
A business plan:
- forces you to think realistically, objectively and unemotionally about your business
- leads you to question assumptions and avoid/reduce risk
- may help to gain funding from grants, banks or other lenders
- helps to ensure that all aspects of the plan are clear and integrated
- serves as a reference point when determining the effects of alternative courses of action on business operations
- allows you to identify any areas where you may need external assistance
- allows you to plan the growth of your business including financial and cash flow requirements
- helps you to identify strengths, weaknesses, opportunities and threats to your business (SWOT analysis).