It is outline of the business giving details of the finance, assets, staff, products or services and markets. It guides the entrepreneur, it identifies possible problems and it is also used in funding applications. The business plans sets out how to owner of a business intends to realize its objectives.
A valuable source of information about your business that may be required by third parties ; Improved use of your company personal resulting from participation in the business planning process ; Increased employee motivation ; Increased profits and sustained growth.
Be Prepared For Risks : It is a fact of life that any new business or enterprise has a degree of risk attached to it. Therefore it is important for your business plan to analyse and calculate that risk, showing how you will engage with it. There is no business plan out there that is risk-free, but very often where the risk is higher then the rewards will be as well.
A business plan is the first step of starting a business. It is neither easy nor difficult. What is a business plan about? How do you implement a business plan? What do you include in a business plan? What are the'must have's' and 'have not's' of business plans?