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It lets you know where you want to go, what you want to achieve, what you have in order to achieve your goals and probably most importantly what problems you can expect along the way.” “Being able to identify potential threats, problem areas that could affect the business, and to be able to develop coping strategies in a proactive manner rather than in a reactive stance, is key to business survival.” It’s also a great way to share information about your business, to develop your thinking and test scenarios before you make any changes (like leaving your job and going it alone), and it gives you a way to measure how things go when you do start up.
It’s really important that potential investors can understand what your business is all about from a quick glance at your plan.
Make sure you include a summary of your business, and how it will make money right from the start, and use simple language throughout.
When you’re starting a business or planning to expand, having a business plan can help to get you on track and get some detail behind your ideas.
However, research from Barclays shows that 1 in 4 businesses don’t have a business plan.
Being specific is just as important as being concise.