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By Cynthia A. Martin on May 25 2018 08:05:43
A business plan is a blueprint for how your business will run and reveals what future direction your business will take. Understandably you will want to be careful who you show your plan to and avoid your competition seeing it.
To write an effective business plan you will need discipline, time and focus. Although the process can seem challenging, it is very rewarding and gives you a sense of control over your business. Investing time and focus in creating a business plan is one of the most valuable activities you can undertake. Creating a well-structured business plan will give you direction and help your business become a success. A business plan provides a roadmap for your business future and is essential to attracting funding.
A business plan is not a document you create once and store in your bottom drawer. It is a living guide that you should develop as your business grows and changes. Successful businesses review and update their business plan when circumstances change.
Business plans may be internally or externally focused. Externally focused plans target goals that are important to external stakeholders, particularly financial stakeholders. They typically have detailed information about the organization or team attempting to reach the goals. With for-profit entities, external stakeholders include investors and customers. External stake-holders of non-profits include donors and the clients of the non-profits services. For government agencies, external stakeholders include tax-payers, higher-level government agencies, and international lending bodies such as the International Monetary Fund, the World Bank, various economic agencies of the United Nations, and development banks.
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