The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment.
In addition, the business plan is an indispensable tool to attract business capital.
Writing a business plan is an opportunity to carefully think through every step of starting your company so you can prepare for success.
This is your chance to discover any weaknesses in your business idea, identify opportunities you may not have considered, and plan how you will deal with challenges that are likely to arise.
Preparing To Write Your Business Plan Writing Your Business Plan Finalizing Your Business Plan Help Writing a Business Plan Show 1 more... He has over 40 years of experience in Business & Finance.
Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas.
A decade ago anyone you approached with a business idea without a plan would have laughed and shooed you away.
Even your friends and family, or the most aggressive angel investors.
Yet, the point is that most aspiring business owners aren’t even trying to match up their goals with what they think they are supposed to be doing.
You should have a plan in order to get yourself organized, to ensure you have some type of viable commercial potential, you have focus and hopefully aren’t going to run out of money or starve before you get going.