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1. A business plan is like a road map. It maps out the future and the key actions / decisions that will help your business be successful. 2. A business plan forms the basis for key actions / decisions eg. hiring extra staff, investing in plant, machinery or premises, developing new products or services, or deciding to sell your business and taking that long awaited holiday! 3. A business plan forms a key communication tool for your business. In a small business, usually all of the people in the business are involved in developing the plan. In medium to large businesses, usually only key managers develop the plan. You can use the plan as a communication tool, it helps everyone to understand where the business is going. 4. If a business is working to a plan, things usually happen intentionally, nothing ad hoc about the decisions being taken, they have been planned 5. A business plan may assist a business in securing finance and/or additional finance eg. from the bank, a Government grant or venture capital. It allows the people making the lending decisions, see all aspects of your business at one glance 6. Businesses that do best, are usually those that work to a plan. But you need to remember that the Business plan is an evolving business tool - it needs to be reviewed and updated regularly. It is not a once a year 'academic exercise'. |
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