By Cynthia A. Martin on July 11 2018 11:39:33
A business plan is a documented set of business goals, objectives, target market information and financial forecasts that you are aiming to achieve over a certain period of time. It is important to prepare a business plan when starting or growing your business and review it regularly to keep it up to date.
Your business plan should present what a banker or venture capitalist expects to see, in the order they expect to see it in. Following a standard business plan outline will keep you on track, and save you from botching your best chance at getting your business funded.
If you don’t have a specific immediate need to show a formal business plan to a banker or investor, then you are probably better off doing just a lean business plan, for your internal use only. To make the best impression on banks and investors, your business plan outline should be presented in the standard business plan format.
Taking the time out of your business to plan will give you a sense of control about the future of your business and pay off in the long run! Business planning can seem overwhelming and time-consuming, but many successful businesses look at it as an opportunity.
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