close print view Why should you create a written business plan?
Why should a potential business owner go to the trouble of
creating a written business plan? There are several reasons: -
The process of putting a business plan together forces you to
take an objective, critical, unemotional look at the business
project in its entirety. - A business plan is an operating tool
which will help manage the business and work effectively toward
its success. - Financial backers will require one. A completed
business plan communicates ideas to others and provides the
basis for a financial proposal. Framework: Business planning is
the framework in which to structure concepts and information
about a project. A well-written business plan will determine the
feasibility of a project and lay out the action necessary to
complete it. Taking an objective look at the business plan will
identify areas of weakness and strength, pinpoint needs that
might otherwise be overlooked, spot opportunities early.
Financing: The business plan a