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Why Should You Have a Business Plan?

Are you planning to start a new business? Or are you considering expanding your current business and require a bank loan or investment from outsiders?
Views: 849 Created 03/11/2008

Are you planning to start a new business? Or are you considering
expanding your current business and require a bank loan or
investment from outsiders?

If you are going to look for an investment of capital it is quite
likely that you will be required to have a business plan. If you
are starting a business, despite the work involved, a business
plan can prepare you for the obstacles ahead and help ensure your

A business plan is something that many small businesses fail to
create; however, many business owners are adamant that having a
written business plan is one of the keys to their present
success. Creating a business plan forces you to contemplate
possible obstacles to your business and prepares you to find
solutions that will help you to overcome them.

To find investors or get a bank loan, they will want to see that
you have the experience or resources to run the business. They
will want to see your projected income as well as your suggested
repayment plan already laid out. Taking the time to do this is
not only important for them, but it gives you a measuring tool to
verify if your business is growing properly. You can gage your
success on how close to the plan your business has actually
performed. Perhaps you'll do worse, or perhaps you'll do better,
either way it helps you determine how well your business is
getting on.

If you have never seen a business plan before you may be
concerned that is too difficult a proposition for you to
manage on your own.

While there are services available where you can hire someone to
write a business plan for you, depending on your needs it may be
wise to familiarize yourself with a business plan's layout. This
will not only help you to provide the necessary information, but
may encourage you to try your own hand at it.

There's a free tool at www.bdc.ca which will assist you in
creating a business plan. Some of the topics you will be required
to explain are your Market, Customer, Competition, Marketing
Plan, and Research & Development along with financial forecasts. You
may consider hiring someone to help you with your financial
sheets after completing the written part of the Business Plan.

Your Business Plan will become your guide and silent business
partner - indicating where you need to improve and helping you
stay one step ahead of your competition. Make it a priority to
have this crucial road map for your business.

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