Why you need a business plan
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