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By Charlotte R. Richardson on July 17 2018 22:17:40
Business planning is essential for the success of any business. A business plan provides direction, keeps you on track and is usually a requirement when you seek finance. Read Why do I need a business plan to find out how writing a business plan can assist your business.
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.
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.
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.
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