Last week on the blog we covered the important topic of what a business plan is, and what should be included in one. You can access that post by clicking here.
Now on to the next question: Why do I need a business plan?
First and foremost, you need a business plan to achieve funding for your business, assuming you are in need of financing. One of the first things that a bank, grant agency, or other investor will ask for when you approach them about funding your business is a business plan. These potential investors want to see how your business will operate, how you can make money, and more importantly, how will they profit from doing becoming involved in your business.
Additionally, your business plan can serve as a guide to running your business for the foreseeable future. In the business plan, you’ll have thought out objectives and long-term goals. In the typical daily grind, we can sometimes lose track of these goals. Returning to your business plan and looking at the big picture can help to put you back on track.
Getting a professional to look over your business plan or develop the plan from the beginning can help you determine what your long-term goals should be. You can head over to our Business Plan Development page or Business Plan Consulting page for additional assistance.