Creating a business plan allows you to identify potential problems and opportunities your business might face, avoid penalties, fines or other legal problems, adapt to changes in the marketplace and let you expand or contract from a position of objectivity. You can share a business plan with potential partners, advisers and sources of funding.
Our team of business consultants have a wide range of experience in developing business plans for all sorts of businesses, from IT companies to restaurants and boutiques.
Benefits of Business Plan
A thorough business plan addresses all areas of starting and running a business. A business plan scrutinizes all the assumptions made about marketing budgets, cost of materials, licensing and permitting, labor costs, real estate or leases and other critical aspects of a business. Learning this before a business launch gives time to make adjustments before signing contracts and committing funds. Business plans include budgets that help manage cash flow which is critical to keeping a business running.
Aids in Obtaining Funding
Potential investors will have a variety of questions about your potential or existing business. A complete business plan not only provides them with answers, but shows that you are organized and have considered all of the marketing, legal, financial, human resources and other aspects of running a business. A thorough business plan will increase your chance of obtaining venture capital and bank loans.
Provides an Exit Strategy
In addition to providing benchmarks for success, a good business plan sets realistic criteria for shutting down a business to cut down on losses. A business failure can be very emotional and business owners are often not objective in the face of that reality. Solid numbers that indicate when a business is loss making will help business owners in taking the decision of shutting down the business and avoiding further losses.
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