Business plan
A business plan is a document that states, in a clear and reasoned manner, what a business seeks to achieve and how the objectives will be attained. It is a convenient tool for systemically assess your business idea and its future prospects.
Also, try to use financial spreadsheet for a business plan, that will help you to evaluate the prospects and results of the business you are planning to start.
What is the purpose of writing business plans?
- Justifying and verifying a new idea, assessing prospects of a business;
- Comparing projections with actual achievements;
- Calculating the fund’s requirement;
- Assessing risks related to borrowed or own investments in a business;
- Justifying and obtaining loans;
- Finding partners or providing existing partners with information.
Key questions to be answered by writing a business plan:
- WHO we are?
- WHO we wish to become?
- HOW can we achieve this?
- HOW we will measure the progress made?
