IS A BUSINESS PLAN?
WHY DO I NEED A BUSINESS
- It is a written
summary of your business ideas and goals and what you have to
do to make them work.
- It is a chart
to help you organize your business for financial success.
- It is plan
that can be presented to banks, or other financial organizations,
when applying for a loan.
- It is a package
of information you can present to lawyers, accountants or counsellors,
so they can understand your business idea and offer guidance,
suggestions or advice.
- It is your
researched plan which states your objectives for profit and the
way you are going to achieve them.
- To reach
your final goals and be successful, you need to plan out your
strategy to get there.
- To help you
organize (on paper) how you are going to carry out your business.
- On a daily
basis, your plan acts as a ‘map’ and a reference that will help
you stay on track and meet your goals.
- It allows
you to forecast your financial goals and “check and see” if your
keeping up with your predictions.
- You need
a plan in order to get a loan. It shows that you have taken the
time and effort to organize and plan and demonstrate that you
and your business have potential to succeed.
Now that you
have the lowdown on business plans, you may want to begin. Click
here to register and complete your
The cashflow forecast helps track income and expenses on a monthly
basis. It's also helpful for persuading banks or other sources to
approve loans, by showing them how you're using the money in the
business. Please click here to register and do your own.