A business plan also covers the financial aspects of starting or expanding the business. The ultimate purpose of developing a business plan is to have a successful business. In the long run, it is fruitless to write a business plan that can raise funds of the enterprise is so poorly conceived it to bound to fail.
Therefore to create business pan, be certain to address the long-term needs of the business and devise strategies that enhance both the overall performance of the company and personal satisfaction.
Why need a business plan?
*To serve as a guide for the business
*As documentation for financing
*To work in foreign markets
A business plan helps entrepreneurs and managers think through their strategies, balance their enthusiasms with facts and recognize their limitations.
It will help the entrepreneurs avoid potentially disastrous errors like undercapitalizing, creating negative cash flow, hiring the wrong people, selecting the wrong location, underestimates the competitors and pursuing the wrong market.
Business plan
