Small Business Plan

A business plan is a document that outlines the basics about your business, products, and services; the market you are targeting; the goals you have for your business; and how you will achieve those goals. Effective business planning can be the key to your success. A business plan can help you secure finance, prioritise your efforts and evaluate opportunities

 A business plan can also be an invaluable tool for managing a business, if it is well-prepared and reviewed and updated regularly. It is a guide – a road map – for making day-to-day operating decisions. It is also an effective tool to use in communicating goals to staff, allowing them to better understand their role in helping achieve those goals.


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Some of the reasons you need a small business plan that may apply to you include:

  1. 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.
  2. 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.
  3. 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.
  4. A business plan can provide essential background information on your business, strategy, and culture to employees, including managers and staff, as your business grows.
  5. 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.


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