By Catherine R. Sands on June 13 2018 15:32:45
If you are seeking finance for your business, you will need to show banks and investors why they should invest in your business. Lenders and investors will only risk their time and money if they are confident that your business will be successful and profitable.
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.
Effective business planning can be the key to your success. A business plan can help you secure finance, prioritise your efforts and evaluate opportunities. It may initially seem like a lot of work; however a well prepared business plan can save you time and money in the long run.
Developing your business plan helps you to step back and look at what is working in your business and what you can improve on. If you have employees, the planning process can be a good opportunity to seek their feedback on possible ideas and improvements. Your employees will value this opportunity to contribute to the business.
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