Business Plan
What is a business plan and what is it for?
In an age where the life expectancy of businesses has been drastically reduced due to the COVID pandemic and the global downturn in the economy, having a clear, defined and well thought out business plan is a crucial first step in setting up a business and achieve long-term success.
The business plan is an indisputably critical component for any business to get off the ground. It is key to securing financing, documenting your business model, outlining your financial projections, and turning that business idea into a reality.
Business plans are a necessary tool for all entrepreneurs, business owners, business acquirers
A business plan is a documented strategy about the objectives and plans of a company. Describes the marketing plan, financial projections, market research, business purpose, and mission statement. You can also include the key personnel to achieve the objectives and a schedule.
What is a business plan for?
The purpose of a business plan is threefold: it outlines the organization's strategy for long-term execution, secures funding from investors, and helps forecast business demands.
A business plan serves to lay the foundations of an organization, to be certain of what is sought and to plan the actions of the company to achieve the goal. It is an excellent instrument that provides visibility and, therefore, control of the scenarios, variables and factors that come together for a company to be successful.
Purposes of a business plan
1. Obtain financing from investors.
2. Document the strategy and objectives of a company.
3. Legitimize a business idea.
4. Safely increase the success of your business.