Why you need a busi­ness plan

Daily Trust - - BUSINESS -

In short, a busi­ness plan is a road map to guide you to your des­ti­na­tion. It is a valu­able tool for ev­ery busi­ness owner, whether you are start­ing up, have been in busi­ness for years, or are ready to grow.

The most ef­fec­tive busi­ness plans are dy­namic doc­u­ments that evolve as your busi­ness grows and changes. Your plan should re­flect the cur­rent re­al­ity of your busi­ness, the en­vi­ron­ment in which it op­er­ates, and your pre­sent and fu­ture goals. If you’re start­ing a busi­ness, a busi­ness plan can help you: • Turn your ideas and cap­i­tal into a vi­able busi­ness • Se­cure fi­nanc­ing from lenders and in­vestors • Iden­tify strengths, weak­nesses, op­por­tu­ni­ties, and threats

If you’re man­ag­ing an ex­ist­ing busi­ness, a busi­ness plan can help you:

• Com­mu­ni­cate your vi­sion to your em­ploy­ees and ex­ter­nal par­ties • De­velop ac­cu­rate fi­nan­cial fore­casts • Com­pare planned ver­sus ac­tual per­for­mance If you’re grow­ing your busi­ness, a busi­ness plan can help you: • • • risks

Culled from: www.canad­abusi­ness.com Raise cap­i­tal to ex­pand Cre­ate a strat­egy to man­age growth Take ad­van­tage of op­por­tu­ni­ties and mit­i­gate

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