Why Write A Business Plan?
Most business start-ups will fail. That's a pretty depressing thought! But
there is one way that you can greatly increase your chances of success: by
writing a solid business plan.
A business plan is a
written statement of your definitions, plans, and projections for your new
business. Banks and venture capitalists require such a plan before they'll
provide funding. You may have decided you don't need a business plan since
you don't need start-up funding, but it's a smart idea nevertheless. This
is what a business plan does for you:
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A business plan forces
you to think through your strategy carefully and spot holes in your
business concept that you'd otherwise miss.
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The process of
researching and writing forces you to think and plan - and careful
planning is one of the keys to success.
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A business plan is a
tool that you can utilize to get critical feedback on your business. You
can share your business plan with your CPA, lawyer, business associates,
friends, and family. The more feedback you can receive prior to
execution, the better prepared the business will be.
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A business plan helps
you keep on track. Since you'll know your break-even points, you'll be
better able to judge where you are, and be motivated to meet your
objectives and milestones.
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A business plan forces
you to assess your competitors. The competitive analysis it contains will
help you to differentiate your business and increase its chances to stand
out and attract new customers.
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The Key elements Of A Business Plan
The key elements of a Business Plan include:
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Organization and
Operations
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For a detailed description
of the elements of a business plan in Adobe Acrobat format, including a
Sample Table of Contents, please Click here.
You will require Adobe
Acrobat to read this file. If you do not have Adobe Acrobat,Click
here.
