A Business plan is simply a written document that clearly states what your business would look like, how you plan to run the business, and what you stand to achieve or gain.
A Business plan is the fictional story of your intending business.
A Business plan is an unemotionally written scripts of a business.
A Business plan is your business model.
A Business plan is the binocular through which you can see the future of your business.
It’s a document of reality, not faith.
…”you don’t need a Business plan”
The above phrase is for those who are not interested in anything business. If you don’t have any plans of going into business, you certainly do not need a Business plan.
A Business plan can be as few as 2 pages and as much as 100 pages.
The volume and style of writing depends largely on the purpose of the Plan.
If you are looking for some start-up or expansion loan from any financial institutions or lenders, you certainly should be very formal in your style of writing.
It’s advisable to involve experts when crafting such a formal Business plan, as minor mistakes can jeopardise your chances of getting the required loans.
The benefits of having a Business plan is enormous
🔹A Business plan will guard you against investing in unprofitable ventures, because it shows you what you stand to achieve from the business in the nearest future. Now, it’s up to you to decide whether to go on and invest or stop.
🔹It guides your business to be on track, making sure you don’t lose sight of the goals.
A Business plan is made up of the following important elements:
- Executive Summary
- Company Overview
- Management Plan
- Operational Plan
- Financial Plan