Some of the reasons you need a small business plan that may apply to you include:
- A business plan is required if you are going to apply for a bank loan, pitch your business to investors, or bring in a business partner.
- You won’t truly be able to qualify your business idea without understanding your target market, researching the competition, and conducting a feasibility analysis — all parts of a business plan.
- A good small business plan not only outlines where you are and where you want to be, but also helps you identify the specific actions you need to take to get there.
- A business plan can provide essential background information on your business, strategy, and culture to employees, including managers and staff, as your business grows.
- The financial section of your business plan can be the basis of your business budget and a useful tool for managing cash flow on a monthly basis.