A business plan is essential if you are serious about the success of your business venture.
Far too many people who prepare a Business Plan concentrate on how it looks rather than what it contains.
The major benefit of the Business Plan is the analytical thinking and reexamination of your business in light of a constantly changing marketplace.
The process of creating a business plan forces you to take a realistic and, more or less, detached look at your business as a whole. Why is it so important to see your venture as a whole?
Most people who have business ideas deal with them in a disorganised way. Putting a business plan together and writing down specifics provides you with the opportunity to evaluate your business, then proceed to implement it.
A finished business plan becomes an operating tool which helps you manage your business and work towards its success. The completed plan is the chief instrument for communicating your ideas to others – business people, bankers, partners, etc.
If you plan to seek finance for your business, the business plan becomes the basis for your loan application.