One of the major causes of failure in business is the lack of a viable business plan. In fact it has been said that many business fail not because the business ideas weren’t good but actually the implementation of those ideas.
Another reason businesses fail is because of inadequate financing. If you want to raise additional finance for expansion you’ll need a business plan because banks and investors won’t just listen to mere words but actionable, well documented plans that will move your company/business to the envisaged position.
What is business Plan?
A business plan is a document that provides useful information about stated business goals such as projected earnings, profit, market size and administrative plans needed to make such goals attainable.
You could see it as a road map to direct you to a certain destination – your desired business position within your industry and within the market. It’s a document that says what your business goals are, how you intend to achieve those goals and what your business internal structure will or already looks like.
Why do you need a business Plan?
Why should anyone even want to consider writing a business plan in the first place? This question is answered here;
To raise funds from investors to start a business
There are many business ideas that may never see the light of day not because they’re not viable but simply because there’s no capital to invest in it. But even if the idea makes sense and happen to know people willing to invest in your idea, most investors would still ask for a business plan. Their reason for wanting it is to get insights into what your business goals are, what steps you’ll put in place to achieve them and how profitable is the opportunity.
To expand an existing business
A business plan can also help you find ways to expand your existing business. You might discover along the line a new product or service or an underserved market segment that needs exploitation, how do you go about it? That’s another reason you need a business plan.
To Capture a Market or Market Segment
Sometimes the competition is just too weak but the demand for a product is high. A unique selling point is often the difference between a market leader and a struggling competitor. A business plan can help you arrive at a unique offering that’s head and shoulders above what the competition has to offer.
To provide a blue print for business success
How about running your business internally so you can turn out great results in how you utilize your business resources? A business plan is like a road map which directs you on how to run your business showing what you intend to do in order to achieve your business goals and more.
If you need a well written business plan but don’t have the time or expertise you can contact a specialist business plan writer to do a detailed analysis of a business opportunity or market survey. Simply call: 0803 206 4106