Monday, July 11, 2011

Starting a Business-The Importance of Having a Business Plan

As an entrepreneur you need a plan to help you determine which direction to take to get your business up and running. The written business plan serves four important functions:
First, it serves as your ‘plan of attack’ to get the business started. You can set goals, estimate the start up costs and expenses and decide how much you will charge for your services or product.

Secondly, it serves as a guideline enabling you to steer the business into profitable waters and keep it there. You can show how you plan to attract and keep customers.
Thirdly, the business plan will enable you to think through your business idea and work out as many potential problems as possible before they occur.
And forth, when you are ready to seek outside financing, the business plan will be given to potential lenders or investors. Lenders nowadays want to see a business plan showing that your entrepreneurial idea has been rigorously assessed and that you have carefully thought through the steps necessary to make the idea into a successful business.
Without a business plan you will find that your business will just wander aimlessly, without ever reaching any destination, because you haven’t developed any road map to get you to the final destination whatever it may be.
To Your Success!

Patrick

 
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