Why should I write a business plan?

Wondering ‘Why should I write a business plan?’ Business plans are vital for the future of any small and large companies.

They investigate the long-term goals and objectives that you would like to achieve and put these into short term goals to ensure you are reaching your end target.

A good business plan may allow you to secure finance, gain board approval and in developing annual/ departmental budgets.

What is included in a business plan?

There are 4 main features of a business plan other than starting off with a cover sheet.

Statement of purpose

Here you will explain why the plan is needed and what it is for.

The Business

You will need to detail out the business that you perform by describing it. Looking at the competition that you face, operating procedures, summary of financial data and insurance that is in place.

Financial data

You will need detailed information on financing and projections for at least the next three years. This will help with securing loan applications, and information you may include here could be a balance sheet and cashflow forecast.

Supporting documents

Depending on what the plan is for, you may want to include the businesses’ tax returns and the owners personal financial statements. Copies of any licences, leases and legal documentation will also be included here.

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Disclaimer - All information in this post was correct at time of writing.